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Principles of Insurance (LOMA 280)

Formerly Principles of Insurance: Life, Health and Annuities [FLMI280], Formerly Principles of Life and Health Insurance [Course 1]; also known as Principles of Life Insurance [Part 1]
Course Category: 
FLMI (Fellow, Life Management Institute) Insurance Education Program with Active Credit Recommendations
Length: 
Varies-independent study.
Location: 
Independent study and proficiency examination program administered from the central offices of LOMA.
Dates: 

Version 3: June 1988 - November 1995.* Version 4: December 1995 - October 2000. Version 5: November 2000 - October 2017. Version 6: November 2017 - Present.

Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Version 3 and 4: Upon successful completion of the course, students will be able to: identify basic principles of insurance; describe the process of becoming insured and the policy-owner's contractual rights; describe basic features of life insurance, health insurance, and annuity products. Version 5 and 6: Upon successful completion of the course, students will be able to: explain how life and health insurance help people manage risk; describe the features of individual and group life and annuity coverages, riders, policy provisions, and settlement options; identify and describe the major types of managed care coverages and compare plan features with features of traditional indemnity health plans; and distinguish among various types of retirement income and pension plans.

Instruction: 

Version 3 and 4: Major topics include: nature of insurance; characteristics of an insurable risk; basic factors in pricing life insurance; basic types of life insurance; purchasing life insurance; delivery systems; the application process; underwriting, issue, and delivery; life insurance policy provisions; payment of insurance proceeds; introduction to health insurance, group insurance, annuities, and retirement plans. Version 5 and 6: Major topics include: regulation of the insurance industry; introduction to risk and insurance; pricing life insurance; individual life coverages and supplementary benefits; life insurance policy provision; claims; principles of group insurance; group life insurance; annuities; individual and group retirement plans; medical expense and disability insurance; traditional group and individual health policies; health insurance providers; and managed care plans.

Credit recommendation: 

Version 3: In the lower division baccalaureate/associate degree category, 2 semester hours in Health Administration or Insurance (1/75) (5/85 revalidation) (5/90 revalidation). NOTE: If this course and Life and Health Insurance Company Operations (Course 2) are both completed, a total of 3 semester hours in Insurance in the lower division baccalaureate/associate degree category are recommended for the two courses. Version 4: In the lower division baccalaureate/associate degree category, 2 semester hours as a General elective (12/95 revalidation). NOTE: If this course and Life and Health Insurance Company Operations (FLMI 290) are both completed, a total of 3 semester hours as a General elective in the lower division baccalaureate/associate degree category are recommended for the two courses. Version 5 and 6: In the lower division baccalaureate/associate degree category, 3 semester hours as a General elective (1/01 revalidation) (7/06 revalidation) (10/12 revalidation) (11/17 revalidation) *NOTE: Earlier versions of this course, dating from January 1965 to May 1988, have been recommended for credit. Please contact NCCRS for copies of the course exhibits. NOTE: This course and Principles of Financial Services and Products (LOMA 286) overlap in content. Credit is only recommended for the completion of one course.

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