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.