Online course: LOMA 302 - The Policy Lifecycle: Insurance Administration
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.
Participants in this module will be allocated 20 credit points related to continuous professional training for insurance distributors according to the ASF Norm no.20 / 2018.
The course can only be completed once in the continuous professional training program.
- 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
Employees of companies from the insurance and financial services industry.
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
The participation fee may be subject to changes based on LOMA policy
Investiția necesară pentru a participa la acest curs include
- accesul pentru o perioada de 6 luni la platforma de elearning si sustinerea unui test de evaluare