Loma 301 pdf

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Loma Chapter 1 Overview of Insurance Administration - Download as Word Doc .doc), PDF File .pdf), Text File .txt) or read online. Study 76 LOMA Module 1 chapter 1 flashcards from Kayla b. on StudyBlue. Test Preparation Guide for Loma Insurance Administration [Life Office Management Association] on teshimaryokan.info *FREE* shipping on qualifying offers.

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LOMA provides a detailed discussion of the activities of insurance administration for individual and group life coverages, focusing on underwriting. download files for each course by module or a PDF of the entire access LOMA's Designation courses or LOMALearn to enroll for . LOMA LOMA or. Formerly Insurance Administration (FLMI ). Course Independent study and proficiency examination program administered from the central offices of LOMA.

Audit log. To sign up you must be 13 or older. Transaction processing. Strategic Management Journal. Pawan Yadav. An automated technique for predicting future behavior or events.

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Terms of Use and Privacy Policy. Already have an account? Log in. Get started today! Loma Module 1 Chapter 1. Edit a Copy. Study these flashcards. Kayla b. Insurance Administration. Those insurance company activities specifically associated with administering insurance policies, such as underwriting, reinsurance, claims, and customer service. A person or entity that 1 sells insurance, including agents, brokers, financial advisors, and bank personnel or 2 is involved in insurance sales made through direct marketing or the internet.

The person or entity that submits an application for individual insurance and seeks to purchase the insurance coverage. An individual who 1 assesses and classifies the degree of risk represented by a proposed insured or group with respect to a specific insurance product and 2 makes a decision to accept or decline that risk.

Life Office Management Association - Wikipedia

Customer service. Referes to the broad range of activities that a company and it's employees perform to keep customers satisfied so they will continue doing business with the company and speak positively about it to other potential customers.


Policy owner service. A specific type of customer service that includes all the service activities performed for people or entities that own individual insurance policies. Member service.

A specific type of customer service that includes all the service activities performed for group insureds. The functional area of an insurer that has primary responsibility for identifying the insurer's prospective customers and what they want, as well as planning the promotion and distribution of the insurer's products. Technical experts in insurance, annuities and financial instruments who apply mathematical knowledge to industry and company statistics to calculate various financial values.

The functional area of an insurance company that collects, records, summarizes, analyzes, and reports data about a company's financial condition. Treasury operations.

Pdf loma 301

The functional area of an insurance company that manages cash as it flows through the company. This function's responsibilities include setting up bank accounts, managing lock boxes for the collection of premium payments, and disbursing policy proceeds via checks or automatic deposits. Legal department. Handles all legal matters for the companyCompany lawyers might be called on to advise life insurance claim personnel when claims are disputed; represent the company or supervise outside attorneys in any litigation involving the company; and develop or review policy forms, agency contracts, business contracts, and other legal documents.

Compliance department. The functional area of an insurance company that is responsible for ensuring that the insurer adheres to all applicable laws and regulations in each jurisdiction in which the company does business. Human resources.

The functional area of an insurance company that recruits and screens job applicants; helps select qualified employees; plans and prevents appropriate orientation, training, and development for each employee, administers employee benefit programs, and maintains employee records. The functional area of an insurance company that develops and maintains the company's information systems and oversees information management throughout the company.

Information system.

Loma 301 Chapter 1 Overview of Insurance Administration

An interactive combination of technology, people, and processes that collects manipulates, and disseminates information. Information management. The use of information systems to provide company's information users with the information they need to carry out their job responsibilitiesThese responsibilities include administering products, maintaining records, formulating strategy, and providing information to customers. Administration system. An information system that an insurer uses to manage information about insurance policies.

Technology platform. The combination of hardware and operating system software on which an administration system runs.

The equipment and mechanical devices included in a computer-based information systemTypes of computers the insurer uses. Consists of computer programs that provide the sequences of instructions for a computer and that govern its operation. Operating system software. Controls the basic operations of a computer.

Performs common computer tasks, such as saving data to different storage mediums or devices.

301 pdf loma

Compliance ensures that insurer adheres to all applicable laws and regulations in each jurisdiction in which the company does business. Human Resource recruits and screens job applicants, select qualified employees, plans and presents appropriate orientation, training and devt for each employee, administers EYs benefit programs, maintains ey records.

301 pdf loma

Information Technology develops and maintains the company's info systems and oversees info mgt throughout the company. Information System interactive combination of technology, people, and processes that Collects, Manipulates and Disseminates info. Information Management use of info systems to provide a company's info users with the info when they need to carry out their job responsibilities.

Administration Systems uses to manage information about insurance policies. Operating System Software controls the basic operations of a computer, saving date to different storage. Microsoft Windows. Transaction any business related exchange- death benefit paid in exchange for proof of death received or payment of renewal premium for continuation of coverage.

Internet worldwide network among unrelated users. Email allows users to type a message into a computer and then send message to other computers connected to a network Electronic Data Interchange EDI computer to computer exchange of data between orgs using a data format agreed upon by the sending and receiving parties -to allow the org to transmit data directly from its computers to the computers of other orgs on the network.

E-Commerce use of the internet and other networks to deliver commercial info and to facilitate business transaction and delivery of products and services. Sale of products over internet. Database Management Systems DBMS insurers use this to access centralized repository group of computer programs that organizes data in a database and allows users to obtain information they need.

Uw can obtain data based on Policy app. Claims staff can access data on benefits and policy terms customers service Rep can retrieve information necessary to answer customer's questions Database Warehouse type of DBM. Payment History Data and Claims Experience Predictive Modeling automated technique for predicting future behavior or events. Business Rule Engine BRE application software that automates the decision making process by creating and applying rules to all available information.

Exception based UW in which rules are applied to process all applications electronically except difficult ones that require human judgment. Scanner reads the document and translates them into electronic files which are converted to digital images, indexed, and store in the insurer's Document Management system. Type of Transaction 2. Ey to whom it is assigned 3. When it was received 4. Questions that arose 5.

Actions taken 6. Docs created 7. Completion dates and Time 8. Centralized Data Repository houses all the relevant data contained in the insurers separate administration system. Unauthorized persons might gain access to private customer information by impersonating authorized persons.

Life Office Management Association

Technological Tools: Data backup software Disaster recovery software. A natural or manmade disaster might destroy data or the systems ability to function. Virtual private network VPN -. Intrusion detection software -sequences of commands that indicate an unauthorized user is attempting to access the organizations systems or databases. Cookie - users personal computer that enables the server to recognize the personal computer.

Data backup software - Companies use systems to back up data to the Internet or intranets while the data is being created and then store the back-up copies off site.

Disaster recovery software - Software applications are available that can aid insurers in developing disaster recovery plans. Performance Measurement process through which a company 1.

Performance Standard established level of performance against which a company or an individual compares actual performance. Benchmarks performance standards often based on standards achieved by leading companies, that represent a companys goals for performance. Joyce Michelle H. Flag for inappropriate content.

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