LOMA 280 — Principles of Insurance

• Introduction to Risk and Insurance
• The Life and Health Insurance Industry and Its Regulation
• Life Insurance Policies as Contracts
• Financial Design of Life Insurance Products
• Meeting Customer Needs
• Term Life Insurance
• Cash Value Life Insurance
• Supplemental Benefits
• Individual Life Insurance Policy Provisions
• Life Insurance Policy Ownership Rights
• Annuities
• Principles of Group Insurance
• Group Life Insurance
• Group Retirement Plans
• Health Insurance Overview

• Describe the financial services industry and explain how insurance companies — stock, mutual, and fraternal benefit societies — function within that industry, why they are organized as corporations, and how they are regulated by both state and federal governments.
• Discuss some of the most common terms that characterize the processes and considerations involved in issuing an insurance policy, among them: speculative risk, pure risk, insurable risk, risk classes, insurable interest, anti-selection, mortality tables, contracts, and premiums.
• Explain the differences among the numerous types of contracts commonly used by insurance companies, including valid, void and voidable, formal and informal, bilateral and unilateral, commutative and aleatory, and contracts of adhesion.
• Understand the key considerations that drive the product development process, such as mortality, premium rate, cost of benefits, compound interest and return on investment, as well as the type of policy — whole, term, universal, or variable — and provisions of each.
• Describe additional benefits, features, or restrictions a life insurance policy might include, such as grace period, incontestability, reinstatement, policy loans, exclusions, dividend, non-forfeiture and settlement options, and transfer of ownership, among others.
• Distinguish among the different types of annuity products and features, as well as the fees, charges, and taxes that apply to annuities, IRAs, and other retirement products.
• Identify and describe types of group insurance plans and typical provisions and features contained in a group life insurance policy.
• Discuss various healthcare products, such as managed care, disability income, and long-term care, and the numerous benefits and features of each.

Course Format

Course portals include the following elements:

• All the assigned study materials needed for the course
• Interactive practice questions and sample exams
• Recommended study plans to help you set goals and manage your study schedule
• Additional media and features to help in the study and review process

Exam Format

The LOMA 280 proctored exam has 60 questions and a time limit of 2 hours. It is available in LOMA's computerized/I*STAR format.

Study Materials

Principles of Insurance, Second Edition (LOMA, 2017)
ISBN 978-1-57974-455-7

Test Preparation Guide for LOMA 280 (LOMA, 2017)
ISBN 978-1-57974-456-4

Optional printed textbook (not included in bundled fee)

Principles of Insurance, Second Edition (LOMA, 2017)
ISBN 978-1-57974-455-7

Order LOMA 280 printed textbook

Test Preparation Guide for LOMA 280 (LOMA, 2017)
ISBN 978-1-57974-456-4

Pricing

See North American course pricing.

Enrolling in Courses With Proctored Exams

LOMA requires proctored examinations for some of its professional designation courses. Proctored examinations are administered through our online testing system:

• Computerized/I*STAR exams

Proctored exams are administered in LOMA member organizations and in independent testing locations around the globe. LOMA exams vary in length from 2 – 3 hours. Consult the Designation Study Materials Roadmap for specific information about the form and length of your exam.

Enrollment Step-by-Step

1. Log in to your LOMA Learning account using your login ID and password.
2. Browse the Learning Catalog for the course in which you would like to enroll.
3. Select ADD TO CART next to the items in which you would like to enroll.
4. Select Exam Site — your company’s primary exam site (if applicable) will appear on the screen. To see other available exam sites, click “Search.”
• Note for independent students: Click “Include 3rd party exam sites” to find open exam sites offered by other companies. More information about Independent Student enrollment. When you have selected an exam site, click “Save.”
5. Return to the catalog to continue searching for courses and add additional items to your shopping cart, or click the shopping cart to check out.
• If you have not already done so, you will be prompted to log in to the LOMA learning system at this time. Once you have successfully logged in, click the shopping cart again to begin the checkout process.
6. Review your shopping cart. Click CHECK OUT to proceed.
7. If you are purchasing a physical product (example: a textbook), complete the SHIPPING information screen.
8. Enter payment information.
• If your company has set up direct billing with LOMA, an account code will appear next to the “Bill My Company” field.
• If you are using direct-to-company billing method, ensure that the radio button next to the “Bill My Company” field is selected and then click “Next” to continue.
• If you are paying for your enrollment by credit card, enter all of the required fields for a credit card transaction. Once you have provided all of the required information, click “Next” to continue.
9. Review your order, accept LOMA’s Terms and Conditions, and click BUY NOW. An enrollment confirmation will be emailed to you.