Tax accounting Premium Accounting accounting operation that maintains detailed accounting records of all fnancial transactions related to the policies an insurer has issued sold. General Accounting includes the basic accounting operations that all businesses undertake. One example is payroll accounting. Disbursement Accounting Type of general accounting: The objectives of disbursement accounting are to 1 provide a permanent record of all cash disbursed or paid out, 2 confrm that all cash disbursements are properly authorized, and 3 ensure that all disbursements are charged to the proper account. Statutory Accounting Practices accounting standards that all life insurers in the United States must follow when preparing the Annual Statement and other fnancial reports that they must submit to state regulators.

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Explain traditional ways that insurers organize operations and organizational concepts such as authority, responsibility, accountability, chain of command, delegation, centralized organizations, and decentralized organizations. Describe types of customer-related confidential information and how insurance company employees should handle such information to comply with privacy and confidentiality requirements, as well as ethics and regulatory guidelines. Understand the differences between legal functions and compliance functions, including how each is organized, resolves disputes, and conforms to market conduct protocols.

Describe how human resources HR organizations are typically organized and their primary responsibilities, notably planning and staffing, training, performance evaluation standards, and oversight of compensation and benefits programs. Identify the main elements in information management, including databases, database management systems, data warehouses, document management systems, and workflow management systems.

Describe how business intelligence, business analytics, and expert systems are used in insurance companies. Describe common risks life insurance companies face and the risk management techniques deployed, i. Describe the different types of financial accounting -- premium accounting, investment accounting, general accounting, and tax accounting -- and distinguish among Generally Accepted Accounting Principles GAAP , statutory accounting practices, and International Financial Reporting Standards IFRS.

Discuss the product development process — generating and screening ideas for new products, product implementation, and monitoring, evaluating, and using feedback to improve product offerings. Identify the benefits to insurers of providing effective customer service, including typical customer service department organization, and the tools that automate and simplify customer service delivery. Course Format Course Portals include the following elements: All the assigned study materials needed for the course Interactive Practice Questions and Sample Exams Recommended study plans to help you set goals and manage your study schedule Additional media and features to help in the study and review process Exam Format The LOMA exam has 60 questions and a time limit of 2 hours.

Study materials for these courses are delivered via online Course Portal, and enrollment in the Course Portal also includes enrollment in one of our proctored exam options for the course. Proctored exams are administered in LOMA member organizations and in independent testing locations around the globe. LOMA exams vary in length from two—three hours.

Consult the Designation Study Materials Roadmap for specific information about the length of your exam. More information on Independent Student enrollment. If you have not already done so, you will be prompted to log in to the LOMA learning system at this time.

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Loma 290 - Insurance Company Operations






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