LOMA 280 Outline

Associate, Life Management Institute (ALMI)
LOMA 280 “Principles of Insurance”

Objectives:

LOMA 280 introduces the principles of insurance, the process of becoming insured, and the policy owner’s contractual rights. The course includes information on the features of individual and group life insurance, health insurance, and annuity products.

Target Group

• People working in the insurance industry or new aspirants who want to join the industry.

Contents:

Introduction To Risk & Insurance
- The Concept of Risk and Risk Management.
- Insurance.
- Managing Risk through Insurance.


• The Life & Health Insurance Industry
- Insurance Company Organization.
- Insurance Company as Financial Institutions.
- Role of Insurance in Government.


• The Insurance Contract
- Requirement for Informal Contracts.
- Types of Contract.


• Financial Design Of Life Insurance Products
- Legal Reserve System.
- Elements of Products Financial Design.
- Level Premium System.


• Term Insurance
- Needs Met By Life Insurance.
- Characteristics of Term Life Insurance Products.


• Cash Value Life Insurance & Endowment Insurance
- Whole Life Insurance.
- Universal Life.
- Variable Life Insurance.


• Supplemental Benefits
- Supplemental Disability Benefits.
- Accidental Benefits & Accelerated Death Benefits.
- Benefits for Additional Insured & Insurability Benefits.


• Individual Life Insurance Policy Provisions
- Standard Policy Provision.


• Understand Main Legal Principles Governing Insurance Contracts
- Provisions Unique To Cash Value Policies.
- Life Insurance Policy Exclusion.


• Annuities
- Introduction to Annuities.
- Types of Annuity Contracts & Annuity Contract Provision.
- Types of Annuity Contracts & Annuity Contract Provision.


• Life Insurance Policy Ownership Rights
- Naming the Beneficiary.
- Mode of Premium Payment.
- Transfer of Policy Ownership.
- Rights to Receive Policy Proceeds.


• Principles Of Group Insurance
- Group Insurance Contracts.
- Needs Met By Life Insurance.
- Group Insurance Underwriting.
- Group Insurance Premium.


• Group Insurance & Group Retirement Plans
- Group Life Insurance.
- Group Retirement Plans.


• Health Insurance
- Medical Expense Coverage.
- Disability Income Coverage.
- Long Term Care Coverage.


• Health Insurance Policies
- Individual Health Insurance Policies


• Cash Value Life Insurance & Endowment Insurance
- Group Health Insurance Policies.


Course duration:

30 Hours.

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