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Business Law for Financial Services Professionals - Canada (LOMA 316)

Business Law for Financial Services Professionals with an Emphasis on Insurance

Varies - independent study. 

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

November 2005 - September 2016. 

Instructional delivery format: 
Proficiency exam
Learner Outcomes: 

Upon successful completion of the course, students will be able to: identify the three primary types of business organizations and describe how corporations are organized in Canada; explain how businesses in Canada 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 for Canadian businesses; explain the legal rules that govern contracts for the sale of goods, negotiable instruments, credit and secured transactions, and bankruptcy in Canada; describe how financial services companies in Canada are regulated; identify and explain the legal issues that arise in the sale and ownership of financial services products in Canada; explain how insurance contracts are performed in Canada 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 in Canada. 


This course presents the basic features and principles of the legal environment in which financial services companies in Canada 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.  Topics include: the legal environment for financial services companies in Canada; civil disputes; business organizations and the regulation of business; contract law; agency law; property law; commercial transactions; bankruptcy; regulation of financial services companies and product sales; rights of third parties; contract performance; contests and remedies; and group products.

Credit recommendation: 

In the upper division baccalaureate degree category, 3 semester hours as an elective in Financial Services or Insurance (7/06) (6/12 Administrative Review). NOTE: This course overlaps in content with Business Law for Financial Services Professionals (LOMA 311), 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.