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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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Principles of Financial Services and Products (LOMA 286)

Survey of Financial Services and Products with an Emphasis on Personal Lines of Insurance

Varies-independent study. 

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

July 2004 - December 2014. 

Instructional delivery format: 
Proficiency exam
Learner Outcomes: 

Upon successful completion of the course, students will be able to: discuss the function, composition, regulation, and evolution of the financial services industry; explain basic financial concepts, including the time value of money, the risk-return tradeoff, and diversification; describe various cash management products and services; discuss the use and cost of credit and describe two categories of credit products; identify the primary types of life insurance, annuities, health insurance, property and liability insurance, securities, and tax-advantaged savings plans; for life insurance, annuities, and health insurance, describe the provisions typically included in the policy or contract and discuss the pricing of such products; and discuss the characteristics and benefits of and investment arrangements for employer-sponsored retirement plans.


This course introduces the major categories of financial services: cash management, credit, asset protection, asset accumulation and management, and asset distribution. The course also surveys banking, insurance, and investment products. Topics include: categories of financial services; types of financial institutions; government’s role in the financial services industry; convergence, consolidation, and globalization; time value of money; basic tax concepts; risk-return tradeoff; managing risk through insurance; diversification; opportunity costs; cash management products; credit cards; mortgages; life, health, property and liability insurance; tax-advantaged savings plans; brokerage accounts; managed accounts; stocks and bonds; mutual funds; annuities; employer-sponsored retirement plans; and private group retirement plans.

Credit recommendation: 

In the lower division baccalaureate/associate degree category, 3 semester hours in Financial Services (12/04) (3/10 revalidation).  NOTE: This course and Principles of Insurance: Life, Health, and Annuities (LOMA 280) overlap in content. Credit is only recommended for the completion of one course.