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.