Version 1 and 2: Upon successful completion of the course, students will be able to: distinguish among the various stakeholder groups connected with a financial services company; recognize typical functional areas for insurance operations and classify units as line or staff units; define risk and return and explain the risk-return tradeoff; distinguish among product distribution systems and channels; explain how insurers assess the risks presented by a proposed insured and classify those risks; identify the purpose of customer service and describe some typical customer service transactions for individual life and annuity products; describe the participants and the steps in the claim process; explain how insurers use market segmentation and target marketing to identify the customers who are most likely to buy their products; compare and contrast the legal and compliance functions and describe the roles and responsibilities of each area; explain the responsibilities of the various operating functions involved in financial management; summarize the financial reporting requirements imposed by insurance and securities regulators.