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National College Credit Recommendation Service
LOMA | Evaluated Learning Experience
Meeting Customer Needs with Insurance and Annuities (LOMA 281)
Independent study and proficiency examination program administered from the central offices of LOMA.
Instructional delivery format:
Upon successful completion of the course, students will be able to: define and use basic insurance terminology; explain the regulation of insurance companies; outline a contract and identify the parties involved; explain how actuaries account for the cost of benefits, investment earnings, and expenses in developing premium rates; describe term life insurance coverage and distinguish between level term, decreasing term, and increasing life term insurance plans; classify various types of cash value life insurance coverage; compare and contrast fixed, variable, and combination annuities; define and outline the benefits provided under major medical and supplemental medical expense insurance policies; summarize the characteristics of various supplemental benefits; outline typical life insurance policy provisions; define group insurance contracts; identify group life insurance plans and policy provisions; explain basic elements of group retirement plans and distinguish among various types of plans.
Major topics include: risk and risk management; regulation of insurance; life insurance as a contract; the value exchange in an insurance transaction; term life insurance; cash value life insurance; fixed and variable annuity products; health insurance; supplemental benefits; policy provisions; ownership rights; characteristics of group insurance; and group retirement plans.
In the lower division baccalaureate/associate degree category, 2 semester hours in Business, Insurance, or as a General Elective (10/12) (11/17 revalidation).