COURSE OBJECTIVES

In this course, you will learn to:

• Distinguish between generally accepted accounting principles (GAAP) and statutory accounting principles (SAP) and describe important reports prepared using GAAP and SAP, such as the Annual Report and the Annual Statement.
• Describe the components and purposes of an insurer’s key financial statements — the balance sheet, income statement, cash flow statement, and statement of owners’ equity — and explain the relationships among these financial statements.
• Define the five major account classifications — assets, liabilities, owners’ equity, revenues, and expense — and identify examples of each type of account classification for life insurers.
• Describe the different types of financial ratios used by life insurers and evaluate the financial ratio results for a life insurer over time and in comparison, to the results other companies.
• Explain and apply the tools of management accounting: responsibility accounting, cost accounting, financial analysis, and budgeting.
• Describe the principles of an effective system of internal controls and explain the importance of audits for life insurers.

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

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

Accounting and Financial Reporting in Life Insurance Companies, Second Edition © 2019

ISBN: 978-1-57974-463-2

• 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.