COURSE OBJECTIVES

In this course, you will learn to:

• Gain a broad understanding of the legal system and the regulatory environment in the United States and around the world; explain how life insurance companies operate within this environment.
• Distinguish among the various types of legal systems and the four primary sources of law; describe and define common legal issues such as tort law, contract law, the civil litigation process, civil remedies, the agency relationship, fraud, and so on.
• Explain the regulation of individual life insurance and annuities at the federal and state level in the U.S. as well as key features of international insurance regulation; describe important solvency and market conduct laws and regulations.
• Explain the regulation of group life insurance and annuities at the federal and state level in the U.S.; describe group contract requirements and market conduct laws and regulations.
• Give examples of legal issues related to the sale of variable life insurance and annuity contracts that qualify as securities; identify the types of regulatory requirements that federal securities laws impose on these products and their issuers.
• Describe policy benefits and features to which policyowners are legally entitled — including withdrawal provisions, reinstatements, policy loans, nonforfeiture options, settlement options, and policy surrenders — and the variety of legal actions that may be pursued by parties to the policy.

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 311 exam has a total of 60 questions.

• Study materials for this course are delivered via the online course portal, which also includes enrollment in one of the exam options for the course:
• Timed, self-proctored end-of-module exams available through the course portal. Learners complete a short online exam at the end of each course module. The total number of questions across all end-of-module exams is 60.
• Proctored end-of-course I*STAR exam. The time limit for the proctored exam is 2 hours and the exam includes 60 questions. Proctored examinations are available as computerized/I*STAR exams at a LOMA member organization.
• The course content is the same regardless of the testing option chosen.

STUDY MATERIALS

• Business Law for Insurance Professionals, (LOMA, 2020)
• ISBN 978-1-57974-483-0
• LOMA’s e-books include text-based content with interactive and multi-media features. Practice and review questions, videos, and other interactive features are integrated in the e-book content. This creates a more dynamic, engaging way to learn important topics.

The content downloaded to the e-reader will be available indefinitely. Features that are accessible only through the course portal (sample exam, end-of-module exams, etc.) will no longer be available after the 6-month enrollment period.

TOPICS:

• The Legal Environment of Business
• Civil Disputes
• Business Organizations
• Regulation of Business
• Contract Law
• Agency Law
• Property Law
• Commercial Transactions & Bankruptcy
• Regulation of Financial Services Companies
• Sale of Financial Services Products
• Ownership of Financial Services Products
• Rights of Third Parties
• Contested Policies and Civil Remedies
• Contract Performance