LOMA 361 Outline

 

 

 

FLMI – Fellow, Life Management Institute

Loma 361 – Accounting and Financial Reporting in Life Insurance Companies

 

Overview

FLMI Level:

Fellow, Life Management Institute (FLMI) Teaches advanced insurance and financial concepts to build a deeper understanding of the insurance business. The five FLMI-level courses cover “big picture” business topics important to insurance professionals and managers. In general, these courses also cover quantitative and financial concepts in greater depth.

LOMA 361 Provides a broad exposure to financial and managerial accounting in life insurance companies, including the corporate and regulatory environment in which accounting functions occur..

 

Target Group

The Fellow, Life Management Institute (FLMI) program is a professional development program that provides industry-specific business education in the context of the insurance and financial services industry.

 

Program Content

  • The Accounting Functions
  • Accounting and Financial Reporting
  • Accounting Classification
  • The Operating Cycle
  • Double-Entry Accounting
  • Accounting Regulation and Monitoring
  • Accounting Regulation
  • Financial Tools and Insurer Solvency
  • Accounting Principles and Concepts
  • Financial Statement Concepts
  • Accounting Information Qualities
  • Accounting Maintenance Concepts and Principles
  • Accounting Bases
  • Financial Statements and Reports
  • Financial Statements
  • Financial Reports
  • Asset Accounting and Invested Assets
  • Asset Valuation
  • Accounting for Asset Transactions
  • Investment Accounting
  • Accounting for other Assets
  • Accounting for Short-Term Assets
  • Valuation and Reporting of Real Estate
  • Accounting for other Assets
  • Accounting for Reserves
  • The Concept of Reserves
  • Reserve Valuation Methods
  • Reserves, Net Income, and Surplus
  • Accounting for other Liabilities
  • Policyowner Dividends
  • Nonforfeiture Values
  • Death Benefit Payments
  • Premium Labilities
  • Expenses Due to Accrued
  • Accounting for Capital and Surplus
  • Capital Accounts
  • Surplus Accounts
  • Internal Sources and Uses of Funds for Capital and Surplus
  • External Sources and Uses of Funds for Capital and Surplus
  • Reporting Changes in Capital and Surplus Accounts
  • Accounting for Revenues and Expenses
  • Revenues
  • Expenses
  • Financial Analysis
  • Financial Ratios
  • Responsibility Accounting
  • Responsibility Accounting
  • Performance Measurement and Evaluation
  • Performance Evaluation Issues
  • Cost Account
  • Cost Classification
  • Cost Accumulation
  • Allocation Bases
  • Cost Analysis
  • Comparative Analysis
  • Activity-Based Costing
  • Cost-Volume-Profit Analysis
  • Budgeting
  • Why Budget?
  • Budgeting Approaches
  • Budget Classifications
  • Types of Budgets
  • Internal Control and Auditing
  • Internal Control
  • Auditing

 

Duration

40 Training Hours

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