LOMA 290 study plan
LOMA 290 · Give each week a clear focus.
8 weeks · About 6 hours per week
Insurance company operations
Map the full LOMA 290 syllabus into an outline of the insurance-company value chain, from product design and pricing through underwriting, administration, claims, and reinsurance
Define the core functions of an insurer (marketing, actuarial, underwriting, policy administration, claims, finance, investments, compliance, IT) and write one sentence on how each creates or protects value
Distinguish stock vs. mutual insurers, and life/health vs. property-casualty operating models, in your own words
Build a personal glossary of at least 30 insurance-operations terms with plain-language definitions
Your checkpoint
A one-page visual value-chain map plus a 30-term glossary file
Insurance company operations
Explain how an insurer's marketing and distribution channels (career agents, brokers, bancassurance, direct, worksite) affect operations and servicing
Trace the new-business workflow from application receipt through underwriting decision, policy issue, and premium collection
Identify the documents and data an insurer captures at point of sale and why each matters downstream
Compare underwriting approaches (fully underwritten, simplified issue, guaranteed issue) and their operational trade-offs
Your checkpoint
A process flow diagram of new business with each step's inputs, outputs, and owner
Insurance company operations
Describe policy administration activities: contract changes, beneficiary updates, premium billing, loans, surrenders, and lapses
Explain how customer service standards, turnaround times, and self-service portals influence retention
Outline the claims process from notification to settlement, including fraud detection and dispute handling
Summarize how complaint handling and market-conduct expectations shape operations
Your checkpoint
A written walkthrough of a single policy's lifecycle, from issue to claim, in 600-800 words
Insurance company operations
Explain the roles of actuarial, finance, and investment functions in pricing, reserving, and asset-liability management
Distinguish the purpose of statutory, GAAP, and management reporting, and name who consumes each
Describe how an insurer's risk-management framework (ERM, ORSA, internal controls) touches daily operations
Identify key operational performance indicators such as expense ratio, persistency, and claims turnaround
Your checkpoint
A one-page summary table linking each function to its key reports and metrics
Insurance company operations
Explain reinsurance types (yearly renewable term, coinsurance, modified coinsurance) and their operational effects on administration and claims
Describe how outsourcing, third-party administrators, and shared services are governed and monitored
Outline the role of compliance and internal audit in an insurer's control environment
Explain how technology investments (policy admin systems, automation, data analytics) change operating models
Your checkpoint
A 500-word memo on the operational risks of outsourcing one function and the controls you would require
Insurance company operations
Review your weakest topics from weeks 1-5 and close gaps by re-reading and rewriting notes
Practice applying concepts to scenario questions that ask what a function does or who is responsible
Explain interdependencies between operations and regulation (licensing, solvency, consumer protection)
Self-test with timed practice questions and log every miss with the reason
Your checkpoint
A gap-closure log listing each weak topic, the corrected understanding, and a confidence rating
Insurance company operations
Complete two full-length timed practice exams under exam conditions
Analyze results by sub-topic and rank the three areas needing the most review
Drill the ranked weak areas with targeted review and rewritten flashcards
Practice explaining processes aloud in under two minutes to test recall
Your checkpoint
A scored practice-exam report with a prioritized three-item review plan
Insurance company operations
Re-review the prioritized weak areas and any flagged terms from your glossary
Take one final timed practice exam and confirm scores are stable or improving
Recite the value-chain map from memory and explain each function's role without notes
Finalize exam-day logistics: scheduling, ID requirements, and a light-review plan for the last 48 hours
Your checkpoint
A final readiness checklist signed off with your last practice score and remaining risk areas
Milestones
Week 2: Can explain the full new-business workflow end to end without referring to notes
Week 4: Can distinguish statutory, GAAP, and management reporting and name the consumer of each
Week 6: Practice-question accuracy is at or above 70% and every miss has a logged reason
Week 7: Both full-length practice exams completed within time, with a ranked weak-area list produced
Week 8: Final practice score is stable or higher than week 7, and the value-chain map is reproducible from memory