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. A broker has...
For military Servicemembers - group life - veterans life - national life
Securities and exchange commission - regulates variable life and annuities
A broker contract
To preservce state regulations of the insurance business

2. State Regulations
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
National association of insurance commissioners
For military Servicemembers - group life - veterans life - national life

3. PPO
Career agency . personal producing general agency. Indipendent agency
Perferred provider organization
Guarantees claim will be paid if any insurer becomes insolvent
A++ superior - A- Excellent - ability to meet obligations

4. SMI
Supplemental Medical Insurance or Medicare
Must be nonprofit - maintain form of gov with elected officers
Encourage unifromity in state nsurance laws and regulations
Stock and mutural companies

5. Types of insurers
Mutual - stock - graternal
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Many lines of insurance - life - annuitites and car - helth
Protect person right to privact

6. Service providers
Risk Retention Group
Stock company may be converted into mutal company
Form of service provided by hospitals and physicians
Insure people of the same business - ocupation< Dentists>

7. Types of private insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
The insurer
Protect person right to privact
For military Servicemembers - group life - veterans life - national life

8. Demutualizing
Mutuals comany coverting to stock compnay
Regulates - supervising insurance companies and agents - brokers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
HMO and PPO

9. Mutualization
Old-age survivors and disability insurance ( social Security)
Stock company may be converted into mutal company
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Barred common ownerships of banks - insurance companines

10. RRG
Risk Retention Group
For military Servicemembers - group life - veterans life - national life
Many lines of insurance - life - annuitites and car - helth
Encourage unifromity in state nsurance laws and regulations

11. NAIC
Form of service provided by hospitals and physicians
Barred common ownerships of banks - insurance companines
Must be nonprofit - maintain form of gov with elected officers
National association of insurance commissioners

12. NAIC
An agents contract
To preservce state regulations of the insurance business
Many lines of insurance - life - annuitites and car - helth
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

13. NAIC broad objective #2
Barred common ownerships of banks - insurance companines
Direct selling mass marketing
Supplemental Medical Insurance or Medicare
Assist the admin with efficiency in laws

14. Stock insurers
Old-age survivors and disability insurance ( social Security)
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Encourage unifromity in state nsurance laws and regulations
Hospital Insurance

15. Federal goverment
For military Servicemembers - group life - veterans life - national life
Assumes a portion of the risk from another insurer
Regulates - supervising insurance companies and agents - brokers
Direct selling mass marketing

16. Mccarran Ferguson act
HMO and PPO
Risk Retention Group
PUBIC LAW 15 - insruance are state regulated
Not a service provider

17. Freternal Benefits Societies
To preservce state regulations of the insurance business
Must be nonprofit - maintain form of gov with elected officers
Hospital Insurance
national association of health underwriters

18. Lloyds of London
Hospital Insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Direct selling mass marketing
Guarantees claim will be paid if any insurer becomes insolvent

19. 3 systesm support sales of insurance
Assist the admin with efficiency in laws
Career agency . personal producing general agency. Indipendent agency
Form of service provided by hospitals and physicians
Stock and mutural companies

20. Steps in promote suitable sales
A broker contract
To preservce state regulations of the insurance business
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
For military Servicemembers - group life - veterans life - national life

21. Agents represent
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Mutual - stock - graternal
PUBIC LAW 15 - insruance are state regulated
The insurer

22. NAIC broad objective #3
Specialize in particulare type of insurance
Write life - health - property and casualty insurance
Protect the intrest of policyowners and consumers
national association of health underwriters

23. Stock and mutural companies
Form of service provided by hospitals and physicians
A++ superior - A- Excellent - ability to meet obligations
Write life - health - property and casualty insurance
A broker contract

24. Types of service providers
HMO and PPO
Hospital Insurance
The insurer
Must be nonprofit - maintain form of gov with elected officers

25. methods of selling insurance
Direct selling mass marketing
Hospital Insurance
PUBIC LAW 15 - insruance are state regulated
Stock company may be converted into mutal company

26. Rating system
Health maintenance organization
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
An agents contract
A++ superior - A- Excellent - ability to meet obligations

27. NAIC broad objective #1
The insurer
Risk Retention Group
Encourage unifromity in state nsurance laws and regulations
To preservce state regulations of the insurance business

28. Risk Retention group ( RRG)
Encourage unifromity in state nsurance laws and regulations
Supplemental Medical Insurance or Medicare
Insure people of the same business - ocupation< Dentists>
For military Servicemembers - group life - veterans life - national life

29. LLoyd's of London
For military Servicemembers - group life - veterans life - national life
national association of health underwriters
Not a service provider
Barred common ownerships of banks - insurance companines

30. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
An agents contract
National association of insurance and financial advisors
HMO and PPO

31. Fair credit recording act 1970
Protect person right to privact
Risk Retention Group
Mutuals comany coverting to stock compnay
A broker contract

32. Types of Goverment Insurer
Securities and exchange commission - regulates variable life and annuities
Career agency . personal producing general agency. Indipendent agency
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Guarantees claim will be paid if any insurer becomes insolvent

33. Industrial insurance
Mutual - stock - graternal
Private and goverment
Must be nonprofit - maintain form of gov with elected officers
Specialize in particulare type of insurance

34. Multi-line insurace
Protect person right to privact
national association of health underwriters
A broker contract
Companies that write more thane one line of insurance

35. Home service insures
Form of service provided by hospitals and physicians
Old-age survivors and disability insurance ( social Security)
Debit insurers
Hospital Insurance

36. Reinsurere is a company that...
National association of insurance and financial advisors
Regulates - supervising insurance companies and agents - brokers
Career agency . personal producing general agency. Indipendent agency
Assumes a portion of the risk from another insurer

37. Types of insurers
The insurer
Regulates - supervising insurance companies and agents - brokers
For military Servicemembers - group life - veterans life - national life
Private and goverment

38. Private insures
Specialize in particulare type of insurance
Many lines of insurance - life - annuitites and car - helth
For military Servicemembers - group life - veterans life - national life
Insure people of the same business - ocupation< Dentists>

39. SEC
Mutual - stock - graternal
Securities and exchange commission - regulates variable life and annuities
National association of insurance commissioners
Assumes a portion of the risk from another insurer

40. State Guaranty Association
Old-age survivors and disability insurance ( social Security)
Debit insurers
Perferred provider organization
Guarantees claim will be paid if any insurer becomes insolvent

41. NAHU
Mutuals comany coverting to stock compnay
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
national association of health underwriters
Form of service provided by hospitals and physicians

42. HMO
Guarantees claim will be paid if any insurer becomes insolvent
Stock and mutural companies
Mutuals comany coverting to stock compnay
Health maintenance organization

43. NAIFA
Guarantees claim will be paid if any insurer becomes insolvent
For military Servicemembers - group life - veterans life - national life
National association of insurance and financial advisors
Old-age survivors and disability insurance ( social Security)

44. Commercial insures
Stock and mutural companies
Specialize in particulare type of insurance
national association of health underwriters
Supplemental Medical Insurance or Medicare

45. An agent has...
Career agency . personal producing general agency. Indipendent agency
The insurer
An agents contract
Write life - health - property and casualty insurance

46. OASDI ( SSN)
National association of insurance and financial advisors
Old-age survivors and disability insurance ( social Security)
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
National association of insurance commissioners

47. HI
A broker contract
Encourage unifromity in state nsurance laws and regulations
Risk Retention Group
Hospital Insurance