FLMI (Fellow, Life Management Institute) Insurance Education Program with Active Credit Recommendations
Descriptions and credit recommendations for all evaluated learning experiences
- Formerly Accounting and Financial Reporting in Life Insurance Companies [FLMI 361]
- Business Law for Financial Services Professionals with an Emphasis on Insurance
July 2004 - Present.
Upon successful completion of the course, students will be able to: describe the basic features of the legal environment in which financial services companies operate; identify the three primary types of business organizations and describe how corporations are organized and managed; explain how businesses are regulated by antitrust laws, consumer protection laws, electronic commerce laws, and employment laws; describe the general rules of contract law, agency law, and property law; explain the legal rules that govern contracts for the sale of goods, negotiable instruments, credit and secured transactions, and bankruptcy; describe how financial services companies are regulated; identify and explain the legal issues that arise in the sale and ownership of financial services products; identify and explain the legal issues that arise in the sale and ownership of financial services products; explain how insurance contracts are performed and recognize situations in which insurers have the right to avoid paying a claim for insurance policy proceeds; and describe the regulatory requirements that govern group life insurance contracts and group retirement plans.
This course presents the basic features and principles of the legal environment in which financial services companies operate. The first part describes general principles of business law, and the second part describes the special types of legal issues that affect financial services companies. Major topicsinclude: legal environment of business; civil disputes; regulation of business; contract law; agency law; property law; commercial transactions; regulation of financial services companies; sale of financial services products; ownership of financial products; rights of third parties; contests and remedies; contract performance; and group products.
In the upper division baccalaureate degree category, 3 semester hours as an elective in Business Law, Legal Studies, Financial Services or Insurance (12/04) (3/10 revalidation) (11/17 revalidation). NOTE: This course overlaps in content with Business Law for Financial Services Professionals - Canada (LOMA 316), Legal Aspects of Life and Health Insurance - U.S. (LOMA 310) and Legal Aspects of Life and Health Insurance - Canada (LOMA 315). Credit is recommended for the completion of only one course.
Version 1 and 2: Upon successful completion of the course, students will be able to: distinguish among the various stakeholder groups connected with a financial services company; recognize typical functional areas for insurance operations and classify units as line or staff units; define risk and return and explain the risk-return tradeoff; distinguish among product distribution systems and channels; explain how insurers assess the risks presented by a proposed insured and classify those risks; identify the purpose of customer service and describe some typical customer service transactions for individual life and annuity products; describe the participants and the steps in the claim process; explain how insurers use market segmentation and target marketing to identify the customers who are most likely to buy their products; compare and contrast the legal and compliance functions and describe the roles and responsibilities of each area; explain the responsibilities of the various operating functions involved in financial management; summarize the financial reporting requirements imposed by insurance and securities regulators.
November 2014 - Present.
Upon successful completion of course, students will be able to: identify the types of insurance products supported by general account and separate account assets; describe the movement of funds in and out of general and separate accounts; define and describe different ways that investors can measure investment returns; explain how investors use volatility and standard deviation to estimate investment risks and returns; explain how interest-rate risk affects bond investments, interpret interest-rate sensitivity using bond duration, and explain how market interest-rate changes can result in margin compression or margin expansion for insurers; explain some of the investment objectives and the investment constraints of life insurance companies; describe insurer investment strategies related to asset-liability management (ALM); explain how investment professionals create a portfolio's strategic asset allocation (SAA); describe diversification and hedging and explain how institutional investors can use each strategy to manage specific risks in portfolios; explain how investment professionals use certain metrics to measure the level of risk that a portfolio has accepted and the portfolio's risk-adjusted returns; explain how capital adequacy requirements, asset and liability valuation standards, and accounting and financial reporting standards contribute to insurer solvency regulations; and describe the effects that the Investments of Insurers Model Acts, investment reserve requirements, and restrictions on general account holdings have on insurers' investments.
LOMA 357 is an online course that provides an understanding of the investment environment and investing for life insurance companies and similar institutions. Learners will learn about investment returns and risks, investment performance, and fund options for retirement products and other products with fund options. Students will distinguish among various investment types and strategies important for institutional investors, including fixed-income investments, real estate-related investments, equity investments, and derivatives.
In the upper division baccalaureate category, 3 semester hours in Business Administration or Finance (11/14) (3/20 revalidation).
- Formerly Insurance Company Operations [FLMI 290]; Life and Health Insurance Company Operations [FLMI 290]; Life and Health Insurance Company Operations [Course 2]; also known as Life Company Operations [Part 2]
- Formerly Life and Insurance Marketing [FLMI 320]; Marketing Life and Health Insurance [FLMI 320]; Marketing Life and Health Insurance [Course 4]; also known as Marketing Life and Health Insurance [Part 9-MK]
Varies - independent study.
November 2014 - Present.
Upon successful completion of course, students will be able to: define marketing and the elements of the marketing mix and describe factors in the marketing environment that interact with and affect the marketing mix; describe the steps in a customer’s purchase decision process and explain how companies use customer relationship marketing to manage the customer relationship; identify how companies use internal databases, marketing intelligence, and marketing research to acquire marketing information; explain the marketing management process and how companies use market segmentation and target marketing; identify characteristics of financial services that are unique from consumer products and describe the concepts of product development and product pricing as they apply to financial services; describe the marketing communication process and the promotion tools of personal selling, advertising, and publicity; describe the characteristics of direct (company-controlled) distribution channel and an indirect distribution channel that uses intermediaries and explain factors a company considers when selecting a type of distribution channel; describe the personal selling process financial professionals use to identify, contact, and qualify prospects and explain how they generate proposals, make sales presentations, answer objections, and close sales; and describe the four types of fraudulent, misleading, or unethical sales activities that financial professionals are prohibited from engaging in and specific regulatory oversight, from entities such as FINRA, the SEC and NAIC, aimed at preventing these practices.
This is an online interactive course that uses a variety of media to present basic marketing principles and to show how these principles are used in the financial services industry to satisfy customers' needs and to create profitable relationships. The course utilizes extensive example and interactive exercises so that learners will be able to understand and apply marketing principles in their own work environments.
In the lower division baccalaureate/associate degree category, 3 semester hours in Business Administration or Marketing (11/14) (3/20 revalidation).