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LOMA Courses Examination

LOMA 308 — The Business of Insurance: Applying Financial Concepts

LOMA 308 - The Business of Insurance: Applying Financial Concepts presents basic economic, financial, and business concepts and practices related to insurance company management, operations, solvency, and profitability. The course utilizes extensive examples and exercises that enable learners to understand and apply important financial concepts and principles in their own work environments.

Online Course, I*STAR Exam is not needed

This highly interactive online course uses an engaging, multi-media approach that includes video, audio, and scenario-based learning. Integrated exams are built right into the course as part of the learning experience, so no separate exam enrollment is required.

LOMA's highly interactive online course allows student to complete courses step-by-step anywhere and anytime by using desktop computer, tablet computer (including iPad), mobile computer or similar communication device.

LOMA eLearning

Free Demostration

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Learning Outcomes
  • Describe the basic types of financial products and identify the financial needs these products are designed to address
  • Explain the steps in the control process and describe the important control mechanisms insurance companies use to measure, evaluate, and improve their operational performance
  • Describe the major categories of life insurer investments and explain how insurers use the required rate of return, the risk-free rate of return, and the risk premium to evaluate these investments
  • Describe how insurers determine the values for a product’s cost of benefits, operating expenses, and investment earnings and how they evaluate product performance
  • Describe how insurers use cost-benefit analysis, rightsizing, outsourcing, remote work arrangements, and information technology to manage general and administrative expenses
  • Explain how insurers use information technology to manage and improve the customer experience and key business processes
  • Perform present value calculations, explain how the present value of an annuity is calculated, and describe insurer applications of present value
  • Describe the ratio-based systems used by regulators and rating agencies to monitor and evaluate insurance company solvency and profitability
Course Outline

Number of Lessons: 10

Number of Exam Questions: 60

Module I: The Economy

  • Lesson 1: The Economy
  • Lesson 2: How the Economy Affects Financial Institutions

Module II: The Insurance Industry

  • Lesson 1: Insurance Company Structure and Management
  • Lesson 2: Managing Company Solvency & Profitability
  • Lesson 3: Achieving Operational Efficiency
  • Lesson 4: Information Management

Module III: Financial Concepts

  • Lesson 1: Time Value of Money
  • Lesson 2: Financial Reports and Plans

Module IV

  • Lesson 1: Collecting, Analyzing, and Reporting Financial Information
  • Lesson 2: Presenting Data Visually
Remarks
  • LOMA308 is offered in English only
  • Student must complete this course within 6 months after enrollment.
  • Estimated study hours： 12-15 hours
Relevant LOMA professional qualifications

This course shall form part of the following professional qualifications: