Online course: LOMA 302 - The Policy Lifecycle: Insurance Administration
LOMA 15 July 2019
This LOMA course traces the lifecycle of a life insurance policy and explores insurance administration functions through real-world examples. Learners will closely examine underwriting processes, customer service practices, reinsurance protocols, and claims evaluation procedures to gain an understanding of how insurers carry out a broad range of administrative activities.
The course is delivered as a highly interactive online course, and non-proctored modularized exams are integrated within the course.
The course is online and can be accessed both from computer and mobile devices.
Employees of companies from the insurance and financial services industry.
- 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
- Define reinsurance and explain why insurers use it
- 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
- List the basic features of and underwriting considerations for various types of insurance, including multi-life policies, juvenile insurance policies,key-person life insurance, split-dollar life insurance, creditor insurance, and direct response policies
- Describe the group underwriting process and the importance of a request for proposal, master proposal, master application, and a master group insurance contract in this process
- 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
- 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
- Explain how claim analysts determine the proper payee for life insurance policy proceeds and describe situations involving the beneficiary, policy assignments, adverse claimants, community property laws, divorce, and simultaneous deaths that can complicate the payment process
Module 1: Overview of Insurance Administration and Underwriting
- Lesson 1 — Overview of Insurance Administration
- Lesson 2 — The New Business Process and Underwriting Principles
- Lesson 3 — Individual Life Insurance: Assessing Mortality
- Lesson 4 — Individual Life Insurance: Financial Underwriting and Risk Classification
Module 2: Specialized Underwriting
- Lesson 1 — Underwriting Specialized Coverages and Supplemental Benefits
- Lesson 2 — Underwriting Group Life Insurance
Module 3: Customer Service
- Lesson 1 — Effective Customer Service
- Lesson 2 — Policyowner Service
Module 4: Claim Administration
- Lesson 1 — Overview of Claim Administration
- Lesson 2 — Administering Life Insurance Claims
- Lesson 3 — Completing the Claims Evaluation Process
Number of Exam Questions: 60
Duration / Period
The displayed period is indicative, being online the course is available at any time.
The course can be completed within 6 months of enrollment.
The necessary investement for this course is of 200 USD+VAT/participant.
The participation fee may be subject to changes based on LOMA policy.