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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

LOMA | Evaluated Learning Experience

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Principles of Financial Services and Products (LOMA 286)

Survey of Financial Services and Products with an Emphasis on Personal Lines of Insurance

Independent study and proficiency examination program administered from the central offices of LOMA.


Varies-independent study. 


July 2004 - December 2014. 

Instructional delivery format: 
Proficiency exam
Learner Outcomes: 

Upon successful completion of the course, students will be able to: discuss the function, composition, regulation, and evolution of the financial services industry; explain basic financial concepts, including the time value of money, the risk-return tradeoff, and diversification; describe various cash management products and services; discuss the use and cost of credit and describe two categories of credit products; identify the primary types of life insurance, annuities, health insurance, property and liability insurance, securities, and tax-advantaged savings plans; for life insurance, annuities, and health insurance, describe the provisions typically included in the policy or contract and discuss the pricing of such products; and discuss the characteristics and benefits of and investment arrangements for employer-sponsored retirement plans.


This course introduces the major categories of financial services: cash management, credit, asset protection, asset accumulation and management, and asset distribution. The course also surveys banking, insurance, and investment products. Topics include: categories of financial services; types of financial institutions; government’s role in the financial services industry; convergence, consolidation, and globalization; time value of money; basic tax concepts; risk-return tradeoff; managing risk through insurance; diversification; opportunity costs; cash management products; credit cards; mortgages; life, health, property and liability insurance; tax-advantaged savings plans; brokerage accounts; managed accounts; stocks and bonds; mutual funds; annuities; employer-sponsored retirement plans; and private group retirement plans.

Credit recommendation: 

In the lower division baccalaureate/associate degree category, 3 semester hours in Financial Services (12/04) (3/10 revalidation).  NOTE: This course and Principles of Insurance: Life, Health, and Annuities (LOMA 280) overlap in content. Credit is only recommended for the completion of one course.