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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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The Business of Insurance - Applying Financial Concepts (LOMA 308)


Varies; independent study. 

Various; distance learning format.

June 2016 - Present. 

Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Upon successful completion of this course, students will be able to: 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; and describe the ratio-based systems used by regulators and rating agencies to monitor and evaluate insurance company solvency and profitability.


The Business of Insurance: Applying Financial Concepts (LOMA 308) is an online interactive course that 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.

Credit recommendation: 

In the lower division baccalaureate/associate degree category OR in the upper division baccalaureate degree category, 3 semester hours as an elective in Business Administration, Finance, Insurance, or as a General elective (11/17) (5/23 revalidation).