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LOMA

Associate Program and Other LOMA Courses

• Organization description
  (titles of all evaluated learning experiences, organization description, and source of official student records)

• Titles of all evaluated learning experiences in the Associate Program Courses and Other LOMA Courses

• Descriptions and credit recommendations

Descriptions and credit recommendations

Agency Administration (AIAA 200)
(Formerly Agency Administration [AIAA Course 200])
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: June 1995 - October 2000. Version 2: November 2000 - Present.
Objectives: Version 1: Describe the function of management and basic management principles; recognize common problems in the business office environment and identify potential solutions; describe techniques for maximizing the productivity of administrative staff members and controlling expenses. Version 2: Discuss effective resource management in an office environment; identify practical ways to provide support for agents; recognize compliance and sales practice issues that affect agents and field offices; explain how to use technology to improve communication; identify principles of financial management; identify methods of recruiting, training, and evaluating employees.
Instruction: Version 1: Basic principles of management; managing a culturally diverse workforce; communication networks; recruiting and orientation; supervision and training; salary administration; office automation and ergonomics; managing office information systems; improving office productivity; examining workplace issues. These topics are discussed in both a general context and the context of the organization and systems used in an insurance agency office. Version 2: Insurance marketing and distribution; compliance and ethics; functions of the supervisor; quality and teams; using technology; communication; projecting a professional image; office management; identifying and hiring employees; compensating, training, and appraising employees; working with people. These topics are discussed in both a general context and the context of the organization and systems used in an insurance agency office.
Credit recommendation: Version 1 or 2: In the lower division baccalaureate/associate degree category or in the upper division baccalaureate degree category, 3 semester hours in Office Management or Administrative Office Systems (12/95) (1/01 revalidation) (7/06 revalidation). NOTE: This course overlaps with Management Principles and Practices (LOMA 330). If both courses are completed, a total of 4 semester hours is recommended.

Annuity Principles and Products (AAPA 273)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: November 1999 - July 2006. Version 2: August 2006 - Present.
Objectives: Version 1 or 2: 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; describe the marketing of annuities.
Instruction: Version 1 or 2: Basic annuity concepts; the annuity contract; fixed, equity-indexed, variable, and market value adjusted annuities; investment principles and annuities; individual and group annuities; taxation and regulation of annuities; marketing annuities.
Credit recommendation: Version 1: In the upper division baccalaureate degree category, 1 semester hour as an elective in Insurance or Business Administration (1/01). NOTE: If this course and Marketing, Distribution, and Uses of Annuities (AAPA 283) are both completed, a total of 3 semester hours are recommended for the two courses. Version 2: In the upper division baccalaureate degree category, 1 semester hour as an elective in Insurance or Business Administration (7/06 revalidation). NOTE: When a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 3 semester hours, the combined credit recommendation is equivalent to a semester-length course in Annuities. Further, when a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 6 semester hours, the combined credit recommendation is equivalent to two semester-length courses in Annuities.

Annuity Systems and Administration (AAPA 303)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: July 2001 - Present.
Objectives: Explain the tasks involved in annuity administration; describe the company and environmental factors that determine the nature of annuity administration; explain the role of information technology in facilitating and improving annuity administration.
Instruction: New business procedures; in-force administration; disbursements, including surrenders, withdrawals, death benefits, loans, and free-look cancellations; customer contact center; payout administration; information technology for annuity administration; electronic commerce.
Credit recommendation: In the upper division baccalaureate degree category, 1 semester hour as an elective in Insurance or Business Administration (6/02) (1/08 revalidation). NOTE: When a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 3 semester hours, the combined credit recommendation is equivalent to a semester-length course in Annuities. Further, when a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 6 semester hours, the combined credit recommendation is equivalent to two semester-length courses in Annuities.

Customer Behavior: Consumer Behavior and Beyond (PCS 391)
[Formerly Consumer Behavior (PCS 391)]
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: July 2001 - Present.
Objectives: 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; identify the challenges, rewards, and needs of intermediary customers.
Instruction: Managerial importance of customer behavior; multiple customer roles; market values customers seek; financial services customers; determinants of customer behavior; the customer as perceiver and listener; customer motivation: needs, emotions, and psychographics; customer attitudes; market differentiation and segmentation; understanding intermediaries as customers; individual customer decision making; business customer decision making; understanding consumers as financial services customers; customer loyalty to products; relationship-based buying; creating market values for the customer.
Credit recommendation: In the upper division baccalaureate degree category, 3 semester hours in Marketing (6/02) (1/08 revalidation).

Customer Contacts: Strategies and Operations (PCS 392)
(Management Strategies for Customer Service Operations)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: January 2002 - Present.
Objectives: Explain the role and importance of customer contacts in the financial services industry; describe customer access strategies and their influence on an organization’s overall success; identify the factors financial services firms consider when developing and improving customer contacts; explain various ways organizations can be structured to provide customer contacts; describe various processes financial services firms use to provide customer contacts; describe the uses of technology in facilitating customer contacts.
Instruction: An overview of customer contacts; participants and expectations; strategic and tactical planning; key planning issues; organizational structure; workflow processes; workforce management; human resources in customer contacts; managing technology in customer contacts; types of customer contact technology; knowledge management in customer contacts; measuring and reporting customer contacts.
Credit recommendation: In the lower division baccalaureate/associate degree category, or in the upper division baccalaureate degree category, 2 semester hours as an elective in Business Administration (6/02) (1/08 revalidation). NOTE: If this course and Customer Relationship Management (PCS 393) are both completed, a total of 5 semester hours are recommended for both courses in the lower division baccalaureate/associate degree category, or in the upper division baccalaureate degree category, as an elective in Business Administration.

Customer Relationship Management (PCS 393)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: January 2002 - Present.
Objectives: 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; list practical applications of CRM for financial services companies.
Instruction: Preparing the organization for CRM; the role of customer information; protecting customer privacy; customer strategies; channel strategies; CRM infrastructure: people, processes, and technology; implementing CRM; measuring CRM success; data governance and integration; technology associated with CRM; CRM applications in financial services.
Credit recommendation: In the lower division baccalaureate/associate degree category, or in the upper division baccalaureate degree category, 2 semester hours as an elective in Business Administration (6/02) (1/08 revalidation). NOTE: If this course and Customer Contacts: Strategies and Operations (PCS 392) are both completed, a total of 5 semester hours are recommended for both courses in the lower division baccalaureate/associate degree category, or in the upper division baccalaureate degree category, as an elective in Business Administration.

Financial Aspects of Annuities (AAPA 313)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: May 2000 - April 2007. Version 2: May 2007 - Present.
Objectives: Version 1: Explain basic financial concepts, including the time value of money, and how they relate to annuities; discuss investment principles and how they relate to annuities; describe the factors involved in calculating annuity cost factors; discuss financial aspects of pension plans. Version 2: Describe the annuity product development process; explain basic financial concepts, including the time value of money, and how they relate to annuities; discuss investment principles and how they relate to annuities; describe how insurers calculate annuity values and annuity reserves; explain how insurers use quantitative modeling in product design, product management, and enterprise risk management.
Instruction: Version 1: Product development; pricing annuities; investing and portfolio management; time value of money calculations; calculating annuity cost factors and other annuity charges; cash values for annuities; testing the financial product design; financial aspects of pension plans. Version 2: This course describes the technical elements of individual nonqualified annuity products and related financial concepts. Topics: New annuity product development; technical design of annuities;company expenses in annuity design; principles of annuity mortality; accumulation value and interest earnings; investing and investments for annuities; time value of money calculations; annuity reserves and reserve valuation; risk management and annuities; financial modeling for insurance companies; annuity performance measures, testing for annuity profitability.
Credit recommendation: Version 1 or 2: In the upper division baccalaureate degree category, 2 semester hours as an elective in Insurance or Business Administration (1/01) (7/06 revalidation). NOTE: When a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 3 semester hours, the combined credit recommendation is equivalent to a semester-length course in Annuities. Further, when a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 6 semester hours, the combined credit recommendation is equivalent to two semester-length courses in Annuities.

Foundations of Customer Service (ACS 100)
[Formerly Foundations of Customer Service (ACS Course CS-1)]
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: June 1991 - October 2000. Version 2: November 2000 - December 2005. Version 3: January 2006 - Present.
Objectives: Version 1 or 2: Explain the strategic value of excellent customer service; evaluate customer service systems; apply proven customer service techniques. Version 3: Explain the value of exceptional customer service; describe the organization, systems, and processes for customer service in a financial services organization; describe the knowledge and skills that employees need to deliver exceptional customer service.
Instruction: Version 1: Customer expectations and perceptions; developing a customer service strategy; developing a dedicated customer service staff; customer service research; establishing and measuring the performance of a customer service system; communication skills for customer service, including conflict management and resolution. Version 2: Customer expectations and perceptions; developing a customer service strategy; selecting and training a dedicated customer service staff; customer service research; establishing and measuring the performance of a customer service system; communication skills for customer service, including conflict management and resolution; using technology to enhance customer service. Version 3: This course provides a comprehensive introduction to customer service in a financial services environment. Topics: Introduction to customer service; exceptional customer service; selecting, training, evaluating, and motivating customer service employees; understanding customer expectations, perceptions, and behavior; customer service communication skills; interacting with customers; the customer-centric company; organization and teamwork in customer service; customer service processes and performance measures; customer service technology; succeeding in customer service (time and stress management).
Credit recommendation: Version 1 or 2: In the lower division baccalaureate/associate degree category, 2 semester hours as an elective in Business Administration or Office Administration (12/95) (1/01 revalidation). Version 3: In the lower division baccalaureate/associate degree category, 3 semester hours as an elective in Business Administration, Professional Sales, or Marketing (7/06 revalidation).

Marketing, Distribution, and Uses of Annuities (AAPA 283)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: November 1999 - July 2006. Version 2: August 2006 - Present.
Objectives: Version 1 or 2: Describe the market for annuity sales in terms of size, demographic characteristics, and growth potential; discuss the most common uses of annuities; describe the development and financial design of an annuity product; describe promotional activities undertaken by insurers; discuss the advantages and disadvantages of alternative distributors of annuity products; discuss the regulation of annuity marketing.
Instruction: Version 1:  Characteristics of the annuity market; uses of annuities; marketing basics; product development and financial design of annuities; promotion and distribution of annuities; selling individual and group annuities; regulation of annuity marketing; trends in marketing annuities. Version 2: This course introduces the principles of annuities, the annuity contract process, and the major types of annuity products and includes information on individual and group annuities, the marketing of annuities, and the taxation and regulation of annuities. Topics covered include: Markets and uses for annuities; principles of marketing; product design and development; product promotion, sales, and distribution; marketing for group annuities; U.S. and Canadian regulation of annuity marketing.
Credit recommendation: Version 1: In the upper division baccalaureate degree category, 1 semester hour as an elective in Insurance or Business Administration (1/01). NOTE: If this course and Annuity Principles and Products (AAPA 273) are both completed, a total of 3 semester hours are recommended for the two courses. Version 2: In the upper division baccalaureate degree category, 1 semester hour as an elective in Insurance or Business Administration (7/06 revalidation). NOTE: When a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 3 semester hours, the combined credit recommendation is equivalent to a semester-length course in Annuities. Further, when a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 6 semester hours, the combined credit recommendation is equivalent to two semester-length courses in Annuities.

Regulation and Taxation of Annuities (AAPA 323)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: January 2001 - Present.
Objectives: 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; describe the income, gift, and estate taxation of annuities.
Instruction: Dual system of federal and state regulation; state regulation of companies, producers, and annuity products; state regulation of market conduct; state regulation of insurer solvency; federal regulation of annuities; income tax treatment of annuities; gift and estate taxation of annuities.
Credit recommendation: In the upper division baccalaureate degree category, 1 semester hour as an elective in Insurance or Business Administration (6/02) (1/08 revalidation). NOTE: When a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 3 semester hours, the combined credit recommendation is equivalent to a semester-length course in Annuities. Further, when a student completes more than one course with an AAPA course number and the credit recommendations for these courses total 6 semester hours, the combined credit recommendation is equivalent to two semester-length courses in Annuities.

Regulatory Compliance: Companies, Producers, and Operations (AIRC 410)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: May 1998 – June 2004. Version 2: July 2004 - Present.
Objectives: Version 1 and 2: Distinguish between the rules of the state government and the federal government in regulating the life and health insurance industry; describe how the NAIC and the NCOIL affect state regulation of insurance; identify types of activities state insurance departments engage in to conduct their regulatory review of insurers; identify an insurer’s compliance responsibilities regarding agent licensing and agent conduct; identify stages in the product development process when an insurer must evaluate whether materials comply with state insurance laws and regulations; identify the types of market conduct examinations conducted by state insurance departments; identify activities that are prohibited by federal anti-trust laws; recognize the duties of an insurer that markets products subject to federal regulation as securities.
Instruction: Version 1: Evolution of insurance regulation; organization of the compliance function; compliance and ethics; state regulation of the insurance industry; market conduct regulation; regulation of insurer solvency; insurance holding company systems; federal regulation of insurance and securities; federal taxation of insurance products. Version 2: This course describes the structure of state and federal insurance regulation within the framework of financial services organizations and focuses on how specific roles and functions within a financial services company are affected by the changing nature of these compliance issues. Topics covered include: Introduction to compliance; state regulation of the insurance industry; state regulation of insurance company formation and operation; state regulation of insurance producers; state filing and approval requirements; state regulation of insurance operations; market conduct examinations; regulation of insurer solvency; insurance holding company systems; federal regulation of insurance; federal regulation of securities; federal taxation of insurance products. 
Credit recommendation: Version 1 or 2: In the upper division baccalaureate degree category, 2 semester hours in Insurance (12/99) (12/04 revalidation).

Reinsurance Administration (ARA 440)
(Principles of Reinsurance)
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: November 2000 - Present.
Objectives: Describe the functions of reinsurance; identify relevant laws and regulations; distinguish among the various forms of reinsurance; describe reinsurance administration staff’s interactions with other functional areas of the insurer organization; explain the typical provisions included in a reinsurance treaty; explain how the parties to a reinsurance treaty assign risk, establish and monitor retention limits, and ensure quality control.
Instruction: Nature, purpose, and forms of reinsurance; regulation of reinsurance; reinsurance activities, staff, and systems; coverage, financial arrangements, and administrative procedures of reinsurance treaties; managing retention limits, new and inforce business, and terminations; quality control.
Credit recommendation: In the upper division baccalaureate degree category, 2 semester hours as an elective in Insurance or Business Administration (1/01) (7/06 revalidation).

Statutory Accounting for Life and Health Insurers (AIAF 400) 
[Formerly Statutory Accounting (AIAF 400) or (AIAF Course FA-1)]
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: June 1995 - June 2002. Version 2: July 2002 - Present.
Objectives: Version 1 or 2: 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; explain cost allocation, treasury management, and asset/liability matching operations within insurance companies.
Instruction: Version 1: This course provides a comprehensive survey of statutory accounting principles as applied in life and health insurance companies; a comparison of those principles with generally accepted accounting principles; a review of the planning, budgeting, internal and external management reporting, multiple company ownership, and asset/liability matching aspects of an insurer’s operations; and the differences and similarities between U.S. and Canadian life and health insurance accounting principles. Topics covered include: assets, reserve liabilities, capital and surplus, revenues, expenses, federal income taxation, accounting for lines of business , cost accounting, budgeting and planning, reports and consolidations, internal control, reinsurance, separate accounts. Version 2: This course provides a comprehensive survey of statutory accounting principles as applied in life and health insurance companies; a comparison of those principles with generally accepted accounting principles; a review of the planning, budgeting, internal and external management reporting, multiple company ownership, and asset/liability matching aspects of an insurer’s operations; and the differences and similarities between U.S. and Canadian life and health insurance accounting principles. Topics covered include: assets, reserve liabilities, capital and surplus, revenues, expenses, federal income taxation, accounting for lines of business, cost accounting, budgeting and planning, reports and consolidations, internal control, reinsurance, separate accounts.
Credit recommendation: Version 1 or 2: In the upper division baccalaureate degree category, 3 semester hours as an elective in Insurance, Accounting, Business Administration (12/95) (6/02 revalidation) (1/08 revalidation).

Underwriting Life and Health Insurance (UND 386)
(Formerly Underwriting Life and Health Insurance [UND 385 or FLMI 300])
Location: Independent study and proficiency examination program administered from the central offices of LOMA.
Length: Independent study.
Dates: Version 1: March 1990 – June 2004.* Version 2: July 2004 - October 2006. Version 3: November 2006 - Present.
Objectives: Version 1: Explain the principles and tools of risk selection for life and health insurance; explain the significance of medical, financial, and personal underwriting factors in risk selection and new business processing; describe laws and regulations that guide underwriting; explain the principles and procedures used in group underwriting. Version 2: Explain the principles of risk selection for life and health insurance; distinguish among the various types of information and tools used by underwriters in risk selection and new business processing; explain the significance of medical, financial, and personal underwriting factors; describe qualities of a successful underwriter-agent relationship; describe laws and regulations that guide underwriting; explain the principles and procedures used in group underwriting. Version 3: Explain the principles of risk selection for life and health insurance; describe the various sources of information and types of tools and technology used by underwriters in risk selection and new business processing; describe laws and regulations that guide underwriting; explain the significance of medical, financial, and personal underwriting factors; explain the underwriting principles and procedures used for individual life insurance, specialized policies and supplemental benefits, individual health insurance, and group insurance.
Instruction: Version 1: Sources of underwriting information; people and organization of underwriting; teleunderwriting; medical, financial, and personal underwriting factors; interaction between underwriters and agents; legal aspects of underwriting; underwriting specialized policies, group policies, and health policies. Version 2: This course is designed to give the student a general understanding of the medical, financial, and personal factors considered during risk selection as practiced in life and health insurance companies. Topics covered include:  Risk assessment and underwriting; the people and the organization of underwriting; legal aspects of underwriting individual policies; medical factors in underwriting individual life insurance; financial factors in underwriting individual life insurance; personal factors in underwriting individual life insurance; underwriting specialized policies and supplemental coverages; underwriting individual health insurance; group underwriting, agents, and the law; risk assessment for group insurance; underwriting procedures for group insurance. Version 3: This course describes risk assessment principles as applied to underwriting individual and group life and health insurance. Topics: Principles of underwriting and the underwriting position; legal aspects of underwriting individual and group insurance policies; underwriting activities and technology; medical, financial, and personal factors for underwriting individual life insurance; underwriting for business insurance, specialized policies, replacements, and supplemental benefits; underwriting individual health insurance; activities and risk assessment for group insurance underwriting.
Credit recommendation: Version 1, 2 or 3:  In the lower division baccalaureate/associate degree category or in the upper division baccalaureate category, 2 semester hours in Insurance (12/99) (12/04 revalidation).


Updated 1/7/08

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