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. Agents represent
Barred common ownerships of banks - insurance companines
Perferred provider organization
Assist the admin with efficiency in laws
The insurer

2. Freternal Benefits Societies
Must be nonprofit - maintain form of gov with elected officers
Barred common ownerships of banks - insurance companines
Risk Retention Group
Form of service provided by hospitals and physicians

3. Private insures
Many lines of insurance - life - annuitites and car - helth
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Perferred provider organization
Specialize in particulare type of insurance

4. PPO
Insure people of the same business - ocupation< Dentists>
Perferred provider organization
Not a service provider
Health maintenance organization

5. methods of selling insurance
To preservce state regulations of the insurance business
Encourage unifromity in state nsurance laws and regulations
National association of insurance and financial advisors
Direct selling mass marketing

6. Federal goverment
Stock company may be converted into mutal company
Assist the admin with efficiency in laws
For military Servicemembers - group life - veterans life - national life
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

7. State Regulations
Risk Retention Group
The insurer
Write life - health - property and casualty insurance
Regulates - supervising insurance companies and agents - brokers

8. HI
Hospital Insurance
Securities and exchange commission - regulates variable life and annuities
Companies that write more thane one line of insurance
Stock company may be converted into mutal company

9. NAIC
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Barred common ownerships of banks - insurance companines
Mutuals comany coverting to stock compnay
To preservce state regulations of the insurance business

10. Types of Goverment Insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Health maintenance organization
Hospital Insurance
A broker contract

11. NAIFA
Health maintenance organization
Supplemental Medical Insurance or Medicare
National association of insurance and financial advisors
For military Servicemembers - group life - veterans life - national life

12. State Guaranty Association
national association of health underwriters
Hospital Insurance
Encourage unifromity in state nsurance laws and regulations
Guarantees claim will be paid if any insurer becomes insolvent

13. NAIC
National association of insurance commissioners
Barred common ownerships of banks - insurance companines
Protect the intrest of policyowners and consumers
Hospital Insurance

14. NAIC broad objective #1
Form of service provided by hospitals and physicians
Barred common ownerships of banks - insurance companines
Encourage unifromity in state nsurance laws and regulations
Debit insurers

15. LLoyd's of London
The insurer
Must be nonprofit - maintain form of gov with elected officers
For military Servicemembers - group life - veterans life - national life
Not a service provider

16. 3 systesm support sales of insurance
Career agency . personal producing general agency. Indipendent agency
Private and goverment
Securities and exchange commission - regulates variable life and annuities
Supplemental Medical Insurance or Medicare

17. Industrial insurance
Protect person right to privact
Many lines of insurance - life - annuitites and car - helth
Securities and exchange commission - regulates variable life and annuities
Specialize in particulare type of insurance

18. OASDI ( SSN)
Perferred provider organization
Protect the intrest of policyowners and consumers
Mutuals comany coverting to stock compnay
Old-age survivors and disability insurance ( social Security)

19. Steps in promote suitable sales
Protect person right to privact
national association of health underwriters
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Career agency . personal producing general agency. Indipendent agency

20. Risk Retention group ( RRG)
Insure people of the same business - ocupation< Dentists>
Stock and mutural companies
Barred common ownerships of banks - insurance companines
Specialize in particulare type of insurance

21. An agent has...
An agents contract
Hospital Insurance
Insure people of the same business - ocupation< Dentists>
Not a service provider

22. Lloyds of London
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Securities and exchange commission - regulates variable life and annuities
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
National association of insurance commissioners

23. SEC
Assist the admin with efficiency in laws
Securities and exchange commission - regulates variable life and annuities
The insurer
Assumes a portion of the risk from another insurer

24. HMO
An agents contract
Health maintenance organization
Assumes a portion of the risk from another insurer
Securities and exchange commission - regulates variable life and annuities

25. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
Write life - health - property and casualty insurance
National association of insurance and financial advisors
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

26. Types of private insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Securities and exchange commission - regulates variable life and annuities
national association of health underwriters
Perferred provider organization

27. Home service insures
Hospital Insurance
Debit insurers
National association of insurance commissioners
Guarantees claim will be paid if any insurer becomes insolvent

28. Demutualizing
For military Servicemembers - group life - veterans life - national life
Insure people of the same business - ocupation< Dentists>
Not a service provider
Mutuals comany coverting to stock compnay

29. Fair credit recording act 1970
Protect person right to privact
Mutual - stock - graternal
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Specialize in particulare type of insurance

30. Types of service providers
Mutual - stock - graternal
Stock company may be converted into mutal company
Many lines of insurance - life - annuitites and car - helth
HMO and PPO

31. Types of insurers
national association of health underwriters
Must be nonprofit - maintain form of gov with elected officers
Private and goverment
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

32. SMI
Must be nonprofit - maintain form of gov with elected officers
Hospital Insurance
HMO and PPO
Supplemental Medical Insurance or Medicare

33. Mccarran Ferguson act
Write life - health - property and casualty insurance
PUBIC LAW 15 - insruance are state regulated
Regulates - supervising insurance companies and agents - brokers
Companies that write more thane one line of insurance

34. Commercial insures
Old-age survivors and disability insurance ( social Security)
Mutuals comany coverting to stock compnay
Stock and mutural companies
For military Servicemembers - group life - veterans life - national life

35. RRG
Specialize in particulare type of insurance
Assumes a portion of the risk from another insurer
Protect person right to privact
Risk Retention Group

36. Rating system
Specialize in particulare type of insurance
A broker contract
A++ superior - A- Excellent - ability to meet obligations
Protect the intrest of policyowners and consumers

37. NAIC broad objective #2
Assist the admin with efficiency in laws
Mutuals comany coverting to stock compnay
HMO and PPO
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

38. Stock and mutural companies
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Write life - health - property and casualty insurance
Encourage unifromity in state nsurance laws and regulations
national association of health underwriters

39. Types of insurers
Insure people of the same business - ocupation< Dentists>
Mutual - stock - graternal
To preservce state regulations of the insurance business
Stock company may be converted into mutal company

40. Mutualization
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock company may be converted into mutal company
Career agency . personal producing general agency. Indipendent agency
Many lines of insurance - life - annuitites and car - helth

41. NAIC broad objective #3
Mutual - stock - graternal
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers
For military Servicemembers - group life - veterans life - national life

42. NAHU
national association of health underwriters
National association of insurance and financial advisors
Regulates - supervising insurance companies and agents - brokers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

43. Stock insurers
Companies that write more thane one line of insurance
Must be nonprofit - maintain form of gov with elected officers
To preservce state regulations of the insurance business
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

44. Reinsurere is a company that...
PUBIC LAW 15 - insruance are state regulated
Career agency . personal producing general agency. Indipendent agency
Encourage unifromity in state nsurance laws and regulations
Assumes a portion of the risk from another insurer

45. Multi-line insurace
Companies that write more thane one line of insurance
To preservce state regulations of the insurance business
HMO and PPO
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

46. A broker has...
The insurer
Career agency . personal producing general agency. Indipendent agency
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
A broker contract

47. Service providers
Form of service provided by hospitals and physicians
HMO and PPO
For military Servicemembers - group life - veterans life - national life
National association of insurance commissioners