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National College Credit Recommendation Service
LOMA | Evaluated Learning Experience
Legal Aspects of Life and Health Insurance - Canada (LOMA 315)
Formerly Legal Aspects of Life and Health Insurance-Canada [FLMI 315]; Legal Aspects of Life Insurance [Course 3]; also known as Legal Aspects of Life Insurance [Part 3]
Independent study and proficiency examination program administered from the central offices of LOMA.
Version 3: June 1989 - May 1997.* Version 4: June 1997 - December 2005.
Instructional delivery format:
Version 3: Students will be able to: describe and apply the legal principles pertinent to life and health insurance company products and life and health insurance company operations. Version 4: Students will be able to: explain the functions of insurance regulations, administrative rules, and statutory requirements; define contract law and the concept of agency; describe the legal basis for essential insurance functions, including beneficiary designations and changes, settlement agreements, wills, trusts, assignments, policy contests, and reinstatement; identify common errors in policy handling and customer relationships.
Version 3: Topics include: Insurance and the law; contracts; agency; legal and equitable remedies; formation and structure of the life insurance contract; beneficiaries; property rights in the policy; agreements, trusts, and wills; contesting the contract; premiums and dividends; borrowing on the policy; assignments and other transfers; lapse and reinstatement; group insurance; life and health insurance advertising; privacy and insurance; employment discrimination. Version 4: Topics include: the legal environment and regulation of the insurance industry; contract law and agency law; tort law and property law; remedies; formation of a life insurance contract; policy provisions, benefits, and statutory requirements; policy beneficiaries; premiums, non-forfeiture benefits, and policy loans; rights of the insured and of third parties; life insurance contract contests; performance of a life insurance contract; group insurance and health insurance; government-sponsored benefit programs; consumer protection laws; employment laws.
Version 3 and 4: In the upper division baccalaureate degree category, 3 semester hours in Insurance or Legal Studies (1/75) (5/85 revalidation) (5/90 revalidation) (12/97 revalidation) (6/02 revalidation). *NOTE: Earlier versions of this course, dating from January 1965 to May 1989, have been recommended for credit. Please consult the 1990 print Directory for further information or contact NCCRS NOTE: This course overlaps in content with both Legal Aspects of Life and Health Insurance - U.S. (LOMA 310) and Business Law for Financial Services Professionals (LOMA 311). Credit is recommended for the completion of only one course.