Test your basic knowledge |

Insurance Industry

Subject : industries

Instructions:

Answer 47 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. NAIC broad objective #1
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Encourage unifromity in state nsurance laws and regulations
A broker contract
Mutuals comany coverting to stock compnay

2. Service providers
Form of service provided by hospitals and physicians
Private and goverment
For military Servicemembers - group life - veterans life - national life
Protect person right to privact

3. LLoyd's of London
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Not a service provider
PUBIC LAW 15 - insruance are state regulated
Old-age survivors and disability insurance ( social Security)

4. Types of insurers
Protect person right to privact
Mutual - stock - graternal
Perferred provider organization
Encourage unifromity in state nsurance laws and regulations

5. OASDI ( SSN)
Companies that write more thane one line of insurance
Assumes a portion of the risk from another insurer
Specialize in particulare type of insurance
Old-age survivors and disability insurance ( social Security)

6. Lloyds of London
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Guarantees claim will be paid if any insurer becomes insolvent
HMO and PPO
Debit insurers

7. Stock insurers
Not a service provider
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Assumes a portion of the risk from another insurer
Many lines of insurance - life - annuitites and car - helth

8. Agents represent
Companies that write more thane one line of insurance
The insurer
PUBIC LAW 15 - insruance are state regulated
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

9. NAIC broad objective #2
Assist the admin with efficiency in laws
To preservce state regulations of the insurance business
Regulates - supervising insurance companies and agents - brokers
Protect person right to privact

10. Stock and mutural companies
Insure people of the same business - ocupation< Dentists>
national association of health underwriters
Stock and mutural companies
Write life - health - property and casualty insurance

11. Federal goverment
Old-age survivors and disability insurance ( social Security)
PUBIC LAW 15 - insruance are state regulated
For military Servicemembers - group life - veterans life - national life
The insurer

12. Types of Goverment Insurer
Protect person right to privact
National association of insurance and financial advisors
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Regulates - supervising insurance companies and agents - brokers

13. HI
Form of service provided by hospitals and physicians
Protect person right to privact
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Hospital Insurance

14. Fair credit recording act 1970
Career agency . personal producing general agency. Indipendent agency
Protect person right to privact
Assist the admin with efficiency in laws
The insurer

15. Types of insurers
For military Servicemembers - group life - veterans life - national life
Companies that write more thane one line of insurance
Private and goverment
Protect the intrest of policyowners and consumers

16. NAHU
Securities and exchange commission - regulates variable life and annuities
Private and goverment
national association of health underwriters
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

17. Types of private insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Hospital Insurance

18. HMO
Must be nonprofit - maintain form of gov with elected officers
Health maintenance organization
PUBIC LAW 15 - insruance are state regulated
Debit insurers

19. Types of service providers
Write life - health - property and casualty insurance
Hospital Insurance
A++ superior - A- Excellent - ability to meet obligations
HMO and PPO

20. Rating system
A++ superior - A- Excellent - ability to meet obligations
National association of insurance and financial advisors
Regulates - supervising insurance companies and agents - brokers
To preservce state regulations of the insurance business

21. NAIC
Risk Retention Group
national association of health underwriters
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
To preservce state regulations of the insurance business

22. Risk Retention group ( RRG)
To preservce state regulations of the insurance business
National association of insurance commissioners
Insure people of the same business - ocupation< Dentists>
Stock company may be converted into mutal company

23. A broker has...
For military Servicemembers - group life - veterans life - national life
PUBIC LAW 15 - insruance are state regulated
A broker contract
An agents contract

24. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
Insure people of the same business - ocupation< Dentists>
Many lines of insurance - life - annuitites and car - helth
Assumes a portion of the risk from another insurer

25. Reinsurere is a company that...
Barred common ownerships of banks - insurance companines
Career agency . personal producing general agency. Indipendent agency
Assumes a portion of the risk from another insurer
Debit insurers

26. NAIFA
Mutuals comany coverting to stock compnay
HMO and PPO
National association of insurance and financial advisors
The insurer

27. State Regulations
national association of health underwriters
Regulates - supervising insurance companies and agents - brokers
Protect person right to privact
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

28. Mutualization
A broker contract
Mutuals comany coverting to stock compnay
Not a service provider
Stock company may be converted into mutal company

29. NAIC broad objective #3
Protect the intrest of policyowners and consumers
national association of health underwriters
Write life - health - property and casualty insurance
Protect person right to privact

30. Freternal Benefits Societies
Stock and mutural companies
Risk Retention Group
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Must be nonprofit - maintain form of gov with elected officers

31. 3 systesm support sales of insurance
Health maintenance organization
Securities and exchange commission - regulates variable life and annuities
Barred common ownerships of banks - insurance companines
Career agency . personal producing general agency. Indipendent agency

32. Commercial insures
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
To preservce state regulations of the insurance business
Stock and mutural companies
Perferred provider organization

33. SMI
Supplemental Medical Insurance or Medicare
Must be nonprofit - maintain form of gov with elected officers
Perferred provider organization
Career agency . personal producing general agency. Indipendent agency

34. SEC
Securities and exchange commission - regulates variable life and annuities
Risk Retention Group
A++ superior - A- Excellent - ability to meet obligations
Old-age survivors and disability insurance ( social Security)

35. RRG
Risk Retention Group
Assist the admin with efficiency in laws
Stock company may be converted into mutal company
Hospital Insurance

36. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
To preservce state regulations of the insurance business
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Companies that write more thane one line of insurance

37. An agent has...
Many lines of insurance - life - annuitites and car - helth
Old-age survivors and disability insurance ( social Security)
Health maintenance organization
An agents contract

38. Demutualizing
Perferred provider organization
Protect the intrest of policyowners and consumers
Mutuals comany coverting to stock compnay
Protect person right to privact

39. Mccarran Ferguson act
Debit insurers
Securities and exchange commission - regulates variable life and annuities
PUBIC LAW 15 - insruance are state regulated
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

40. Multi-line insurace
For military Servicemembers - group life - veterans life - national life
Companies that write more thane one line of insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Regulates - supervising insurance companies and agents - brokers

41. methods of selling insurance
Direct selling mass marketing
Regulates - supervising insurance companies and agents - brokers
Assist the admin with efficiency in laws
Guarantees claim will be paid if any insurer becomes insolvent

42. Home service insures
Debit insurers
national association of health underwriters
Many lines of insurance - life - annuitites and car - helth
HMO and PPO

43. Private insures
National association of insurance commissioners
Encourage unifromity in state nsurance laws and regulations
Many lines of insurance - life - annuitites and car - helth
Regulates - supervising insurance companies and agents - brokers

44. NAIC
Mutuals comany coverting to stock compnay
Form of service provided by hospitals and physicians
An agents contract
National association of insurance commissioners

45. Industrial insurance
A broker contract
Insure people of the same business - ocupation< Dentists>
Specialize in particulare type of insurance
national association of health underwriters

46. State Guaranty Association
Securities and exchange commission - regulates variable life and annuities
Must be nonprofit - maintain form of gov with elected officers
Guarantees claim will be paid if any insurer becomes insolvent
A broker contract

47. PPO
Perferred provider organization
Regulates - supervising insurance companies and agents - brokers
Insure people of the same business - ocupation< Dentists>
Assist the admin with efficiency in laws