Upon successful completion of course, students will be able to: describe the stages of product  development and identify stages when an insurer must evaluate whether materials comply with state insurance laws and regulations; identify the provisions that insurers are required to include in individual life insurance policies, the optional provisions that insurers may include, and the prohibited provisions that insurers may not include; describe the contract provisions that state insurance laws require all types of individual annunities to contain; describe the legal relationship between a principal and an agent and the terms commonly included in insurance agency agreements; explain the requirements that state unfair trade practices regulation place on insurers and insurance producers and give examples of activities that are considered to be unfair trade practices; identify the types of materials that are considered to be advertisements for state regulatory purposes; describe the state regulatory requirements that insurers must meet concerning the privacy of consumer information; distinguish between assumption reinsurance and indemnity reinsurance; describe the market analysis process; describe the process state insurance departments use to report market conduct examinations and the actions they may take when an examination report indicates violations. 

Upon successful completion of the course, students will be able to: define economics and explain the primary sectors that make up local, national, and global economies, as well as the different types of financial institutions and the roles they play in the economy; describe the three types of insurance companies – stock, mutual, and fraternal benefit societies – and how their products can satisfy one or more of the four basic financial needs of customers; explain how changes in price levels due to inflation, deflation, or increasing / decreasing market interest rates can affect insurance or financial services institutions; explain the steps in the control process and describe the important control mechanisms insurance companies use to measure, evaluate, and improve their operational performance, including risk management, profitability, and solvency; understand key financial concepts such as simple and compound interest, minimum reserve requirements, minimum capital standards, required and risk-free rates of return, risk premium, the rule of 72, and future and present value calculations; describe the major components of a product's financial design, such as the cost of benefits, operating expenses, and investment earnings; describe how insurers can use benchmarking, total quality management (TQM), Six Sigma, lean management, and business process reengineering (BPR) to improve operating efficiency, and how they use outsourcing, enhanced information technology, and remote work accommodations to reduce operating expenses; explain how insurers use information technology to manage information and improve business processes and relationships with customers; describe the three primary elements of a financial model and explain how insurers can use modeling to forecast future financial conditions; recognize essential information contained in the income statement and the balance sheet, as well as the purpose of cash flow and owners' equity statements and Annual Reports; and describe the ratio-based systems used by regulators and rating agencies to monitor and evaluate insurance company solvency and profitability.

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

Upon successful completion of course, students will be able to: identify the types of insurance products supported by general account and separate account assets; describe the movement of funds in and out of general and separate accounts; define and describe different ways that investors can measure investment returns; explain how investors use volatility and standard deviation to estimate investment risks and returns; explain how interest-rate risk affects bond investments, interpret interest-rate sensitivity using bond duration, and explain how market interest-rate changes can result in margin compression or margin expansion for insurers; explain some of the investment objectives and the investment constraints of life insurance companies; describe insurer investment strategies related to asset-liability management (ALM); explain how investment professionals create a portfolio's strategic asset allocation (SAA); describe diversification and hedging and explain how institutional investors can use each strategy to manage specific risks in portfolios; explain how investment professionals use certain metrics to measure the level of risk that a portfolio has accepted and the portfolio's risk-adjusted returns; explain how capital adequacy requirements, asset and liability valuation standards, and accounting and financial reporting standards contribute to insurer solvency regulations; and describe the effects that the Investments of Insurers Model Acts, investment reserve requirements, and restrictions on general account holdings have on insurers' investments.

Version 3 and 4: Upon successful completion of the course, students will be able to: describe the organization of insurance companies and the environments in which they operate and define the function of specific company operations such as marketing, actuarial, underwriting, and financial activities. Version 5 and 6: Upon successful completion of the course, students will be able to: describe how life insurance companies operate in today’s global environment, how they are organized and managed, and the roles specific functional and support units play in developing, distributing, issuing, and administering life insurance and annuity products; explain traditional ways that insurers organize operations and organizational concepts such as authority, responsibility, accountability, chain of command, delegation, centralized organizations, and decentralized organizations; describe types of customer-related confidential information and how insurance company employees should handle such information to comply with privacy and confidentiality requirements, as well as ethics and regulatory guidelines; understand the differences between legal functions and compliance functions, including how each is organized, resolves disputes, and conforms to market conduct protocols; describe how human resources (HR) organizations are typically organized and their primary responsibilities, notably planning and staffing, training, performance evaluation standards, and oversight of compensation and benefits programs; identify the main elements in information management, including databases, database management and data warehouses, and workflow management systems; discuss the changing role of technology, including big data, automation of administrative tasks and new methods of engaging customers; describe how business intelligence, business analytics, and expert systems are used in insurance companies; describe common risks life insurance companies face and the risk management techniques deployed, i.e., diversification, hedging, expense, and enterprise risk management; describe the different types of financial accounting, premium accounting, investment accounting, general accounting, and tax accounting, and distinguish among Generally Accepted Accounting Principles (GAAP), statutory accounting practices, and International Financial Reporting Standards (IFRS); discuss the product development process, generating and screening ideas for new products, product implementation, and monitoring, evaluating, and using feedback to improve product offerings; identify the benefits to insurers of providing effective customer service, including typical customer service department organization, and the tools that automate and simplify customer service delivery; and explain why effective claim administration is critical to an insurer’s success in guiding claim practices, as well as the steps taken in evaluating a typical claim, and any “red flags” that indicate potentially fraudulent claims. NOTE: Earlier versions of this course, dating from January 1965 to May 1986, have been recommended for credit. Please contact NCCRS for copies of the course exhibits. 

Upon successful completion of the course, students will be able to: define and use basic insurance terminology; explain the regulation of insurance companies; outline a contract and identify the parties involved; explain how actuaries account for the cost of benefits, investment earnings, and expenses in developing premium rates; describe term life insurance coverage and distinguish between level term, decreasing term, and increasing life term insurance plans; classify various types of cash value life insurance coverage; compare and contrast fixed, variable, and combination annuities; define and outline the benefits provided under major medical and supplemental medical expense insurance policies; summarize the characteristics of various supplemental benefits; outline typical life insurance policy provisions; define group insurance contracts; identify group life insurance plans and policy provisions; explain basic elements of group retirement plans and distinguish among various types of plans.

Upon successful completion of this course, students will be able to: describe how life insurers maintain productivity, profitability, and compliance with regulatory and ethical standards in the following areas of insurance administration: underwriting, customer service, and claim administration; describe the new business process and explain how insurers collect information on medical risk factors, personal risk factors, and financial risk factors to assess risk and determine whether a risk is preferred, standard, substandard, or uninsurable; explain how key concepts such as insurable interest, material misrepresentation, suitability, and anti-selection impact the underwriting decision; explain the importance of providing effective customer service and improving the overall customer experience; and identify the strategies, technologies, and service options that insurers use to meet customer needs; identify and explain routine and complex policyowner service transactions, including handling payments, complaints, conversions, terminations, reinstatements, beneficiary changes, policy loans and making product changes; and describe approaches to efficiency in claim administration, the steps claim analysts take in evaluating a typical claim, warning signs of potentially fraudulent claims, and legal issues related to claims.

Upon successful completion of this course, students will be able to: identify the stakeholders in a retirement system and describe the three pillars of a retirement system; describe the financial industry's role in the retirement system and distinguish between institutional and retail retirement markets; explain Social Security program benefits, funding, and challenges; describe retirement savings in workplace retirement plans; describe the importance of individual resources to having sufficient retirement income; describe personal financial risks often faced during the working years and retirement; describe financial literacy and important financial concepts such as the time value of money, including future value, present value, and the Rule of 72; describe the process of developing a financial plan; explain the types of risks involved in investing; and explain the steps in the portfolio creation process.

Version 1 and 2: Upon successful completion of the course, students will be able to: explain the importance of annuities; describe the key provisions of an annuity contract; distinguish among fixed, equity-indexed, and variable annuities; apply investment principles to annuities; describe the different types of individual and group annuities; explain how annuities are taxed and regulated; and describe the marketing of annuities.

Upon successful completion of the course, students will be able to: describe the marketing implications of the different roles a customer plays (user, payer, and buyer); explain how to identify, measure, and create market values for customers; explain how personal characteristics of customers influence customer behavior; describe how perception and learning affect customer decision making; discuss the motivational process and identify the needs, emotions, and moods that motivate customers; define attitudes and explain how they influence customer behavior; identify the steps of the decision-making process for household and business customers; and  identify the challenges, rewards, and needs of intermediary customers.

Upon successful completion of the course, students will be able to: define customer relationship management (CRM); identify the key benefits and challenges associated with implementing CRM; identify the steps that financial organizations take to prepare for CRM; describe the role of customer information in CRM, and describe the privacy concern associated with the collection and use of this information; explain how financial organizations develop customer strategies and channel strategies, and describe typical elements of these strategies; explain the steps involved in implementing a CRM initiative and measuring return on investment; describe the importance of data governance and integration; list technologies used to automate CRM business processes; and list practical applications of CRM for financial services companies.

Version 1 and 2: Upon successful completion of the course, students will be able to: explain the strategic value of excellent customer service; evaluate customer service systems; and apply proven customer service techniques. Version 3: Upon succesful completion of the course, students will be able to: explain the value of exceptional customer service; describe the organization, systems, and processes for customer service in a financial services organization;and describe the knowledge and skills that employees need to deliver exceptional customer service.

Upon successful completion of the course, students will be able to: explain how insurers are authorized and producers are licensed to sell annuities; describe the state regulatory requirements that are imposed on annuity products; describe state market conduct regulation of companies that issue annuities; describe state solvency regulation of companies that issue annuities; explain how individual annuities are regulated at the federal level by the SEC and NASD; and describe the income, gift, and estate taxation of annuities.

Version 1 and 2: Upon successful completion of the course, students will be able to: explain the regulation of developing and marketing individual and group life and health insurance products; describe the regulation of reinsurance agreements; describe the regulation of credit insurance; and describe the regulation of annuities and retirement products.

Version 1 and 2: Upon successful completion of the course, students will be able to: describe statutory accounting requirements for insurance companies; differentiate between statutory accounting, GAAP, and tax basis accounting; understand the insurance accountant's role in planning, budgeting, and management reporting; and explain cost allocation, treasury management, and asset/liability matching operations within insurance companies.

Version 1: Upon successful completion of the course, students will be able to: apply basic microeconomic and macroeconomic concepts to understanding consumer behavior and financial services operations; interpret graphs illustrating demand and supply; distinguish among the major types of money market and capital market instruments used by individuals and businesses; describe the origin, behavior, and structure of interest rates; describe the major types of financial institutions, including the products they offer and typical assets and liabilities of each; comprehend the problem of asymmetric information and describe its impact on the financial services environment; discuss steps that financial institutions can take to manage the risks they face; describe how financial institutions create money and how central banks control the supply of money in an economy. Version 2: Students will be able to: explain basic microeconomic and macroeconomic concepts; interpret graphs illustrating demand and supply; distinguish among the major types of money market and capital market instruments used by individuals and businesses; describe the origin, structure, and behavior of interest rates; describe the major types of financial institutions, including the products they offer and typical assets and liabilities of each; discuss steps that financial institutions can take to manage the risks they face; describe how financial institutions create money and how central banks control the supply of money in an economy.

Upon successful completion of the course, students will be able to: discuss the primary types of employee benefits typically offered in the United States and the regulation of such benefits; describe how organizations plan and administer their employee benefits programs; describe the financial services products that provide the following types of employee benefits: health insurance, including supplemental health benefits such as dental and prescription coverage, disability insurance, and group life insurance; describe defined benefit, defined contribution, and hybrid retirement benefit plans; and discuss the various types of retirement benefit plans available to groups and individuals. 

Version 2: Students will be able to: explain the importance of information systems for managerial end-users; identify components and functions of an information system; explain fundamental concepts of management science and the application of management science tools and techniques to the decision-making process; explain the principles and uses of basic statistics and the role of statistics in decision-making. Version 3: Students will be able to: explain the importance and functions of information systems in insurance companies; describe the processes involved in creating and maintaining databases and inferential statistics that can be applied to analyzing work processes; explain basic descriptive and inferential statistics and basic management models to use in decision making.

Upon successful completion of the course, students will be able to: describe the investment environment and the general principles of investing in individual securities and portfolios of securities; explain how investment performance is reported, monitored, and analyzed; discuss how the risk-return tradeoff setting and implementing investment goals; discuss the following aspects of institutional investing; roles of investment professionals, investment information systems, investment accounting and controls, investment compliance, and management of general and separate account portfolios.

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.

Upon successful completion of this course, students will be able to: describe the primary stakeholders in the retirement marketplace and the role each plays in providing retirement solutions; explain the marketing principles and the strategies companies use to segment markets, differentiate their brand or products to gain competitive advantages, and position themselves in the retirement market; describe the product development process and primary product development strategies; describe how provider companies design and install retirement plans in retail and institutional markets; explain the regulatory requirements for the design of qualified retirement plans; describe annuity product design and annuity new business processing; describe the business acquisition process in both institutional and retail markets, including the roles and actions of major participants in the distribution process; describe the personal selling process, its benefits, disadvantages, and unethical sales practices, compensation methods, contract negotiation, and contract implementation; identify the steps involved in measuring product/plan performance and evaluating customer satisfaction; and explain how successful customer experience management (CEM) programs help create, maintain, and manage long-term relationships with retail and institutional customers.