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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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Regulation of Life Insurance Products, Sales, and Operations (AIRC 421)

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

Varies- independent study.

Dates: 
November 2014 - Present.
Instructional delivery format: 
Proficiency exam
Learner Outcomes: 

Upon successful completion of course, students will be able to: describe the stages of product  development and identify stages when an insurer must evaluate whether materials comply with state insurance laws and regulations; identify the provisions that insurers are required to include in individual life insurance policies, the optional provisions that insurers may include, and the prohibited provisions that insurers may not include; describe the contract provisions that state insurance laws require all types of individual annunities to contain; describe the legal relationship between a principal and an agent and the terms commonly included in insurance agency agreements; explain the requirements that state unfair trade practices regulation place on insurers and insurance producers and give examples of activities that are considered to be unfair trade practices; identify the types of materials that are considered to be advertisements for state regulatory purposes; describe the state regulatory requirements that insurers must meet concerning the privacy of consumer information; distinguish between assumption reinsurance and indemnity reinsurance; describe the market analysis process; describe the process state insurance departments use to report market conduct examinations and the actions they may take when an examination report indicates violations. 

Instruction: 
This is an online interactive course that explains state and federal regulation of life insurance and annuity product design. The course also describes the regulation of life insurance operation, including underwriting, claims, reinsurance, market analysis, and examinations.
Credit recommendation: 

In the upper division baccalaureate degree category, 3 semester hours in Business Administration, Business Law, or Insurance (11/14) (3/20 revalidation).  

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