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. State Guaranty Association
Must be nonprofit - maintain form of gov with elected officers
The insurer
Guarantees claim will be paid if any insurer becomes insolvent
Protect the intrest of policyowners and consumers

2. methods of selling insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Specialize in particulare type of insurance
Direct selling mass marketing
Assumes a portion of the risk from another insurer

3. Commercial insures
Guarantees claim will be paid if any insurer becomes insolvent
Insure people of the same business - ocupation< Dentists>
Stock and mutural companies
Hospital Insurance

4. SEC
Securities and exchange commission - regulates variable life and annuities
Form of service provided by hospitals and physicians
Private and goverment
Many lines of insurance - life - annuitites and car - helth

5. Reinsurere is a company that...
Barred common ownerships of banks - insurance companines
Assumes a portion of the risk from another insurer
national association of health underwriters
Hospital Insurance

6. NAIC
PUBIC LAW 15 - insruance are state regulated
Many lines of insurance - life - annuitites and car - helth
To preservce state regulations of the insurance business
Not a service provider

7. LLoyd's of London
Direct selling mass marketing
Not a service provider
Specialize in particulare type of insurance
Must be nonprofit - maintain form of gov with elected officers

8. NAIFA
National association of insurance and financial advisors
HMO and PPO
Stock and mutural companies
An agents contract

9. Fair credit recording act 1970
Protect person right to privact
Assist the admin with efficiency in laws
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Protect the intrest of policyowners and consumers

10. Rating system
For military Servicemembers - group life - veterans life - national life
Direct selling mass marketing
A++ superior - A- Excellent - ability to meet obligations
Health maintenance organization

11. Financial service moderinzation act 1999
Old-age survivors and disability insurance ( social Security)
Private and goverment
Barred common ownerships of banks - insurance companines
Securities and exchange commission - regulates variable life and annuities

12. An agent has...
Encourage unifromity in state nsurance laws and regulations
Insure people of the same business - ocupation< Dentists>
An agents contract
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

13. Multi-line insurace
Insure people of the same business - ocupation< Dentists>
Companies that write more thane one line of insurance
The insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

14. SMI
Direct selling mass marketing
Supplemental Medical Insurance or Medicare
To preservce state regulations of the insurance business
Assist the admin with efficiency in laws

15. Types of service providers
Specialize in particulare type of insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
HMO and PPO
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

16. Types of private insurance
Assumes a portion of the risk from another insurer
Regulates - supervising insurance companies and agents - brokers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Specialize in particulare type of insurance

17. NAHU
Must be nonprofit - maintain form of gov with elected officers
National association of insurance commissioners
national association of health underwriters
Old-age survivors and disability insurance ( social Security)

18. Freternal Benefits Societies
Write life - health - property and casualty insurance
Must be nonprofit - maintain form of gov with elected officers
Barred common ownerships of banks - insurance companines
Hospital Insurance

19. State Regulations
Stock company may be converted into mutal company
Assumes a portion of the risk from another insurer
Regulates - supervising insurance companies and agents - brokers
Direct selling mass marketing

20. NAIC broad objective #2
Assist the admin with efficiency in laws
Protect person right to privact
Supplemental Medical Insurance or Medicare
Guarantees claim will be paid if any insurer becomes insolvent

21. Industrial insurance
national association of health underwriters
Stock and mutural companies
Specialize in particulare type of insurance
A++ superior - A- Excellent - ability to meet obligations

22. Risk Retention group ( RRG)
Guarantees claim will be paid if any insurer becomes insolvent
For military Servicemembers - group life - veterans life - national life
Insure people of the same business - ocupation< Dentists>
The insurer

23. A broker has...
Stock and mutural companies
Must be nonprofit - maintain form of gov with elected officers
A broker contract
Hospital Insurance

24. NAIC broad objective #3
Securities and exchange commission - regulates variable life and annuities
Hospital Insurance
Protect the intrest of policyowners and consumers
Old-age survivors and disability insurance ( social Security)

25. 3 systesm support sales of insurance
Many lines of insurance - life - annuitites and car - helth
Career agency . personal producing general agency. Indipendent agency
National association of insurance and financial advisors
Debit insurers

26. Mutualization
Old-age survivors and disability insurance ( social Security)
Stock company may be converted into mutal company
National association of insurance and financial advisors
PUBIC LAW 15 - insruance are state regulated

27. Service providers
For military Servicemembers - group life - veterans life - national life
Direct selling mass marketing
Form of service provided by hospitals and physicians
Protect person right to privact

28. Home service insures
Debit insurers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
For military Servicemembers - group life - veterans life - national life
An agents contract

29. Stock insurers
Perferred provider organization
Mutuals comany coverting to stock compnay
Stock and mutural companies
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

30. NAIC broad objective #1
Private and goverment
Guarantees claim will be paid if any insurer becomes insolvent
Direct selling mass marketing
Encourage unifromity in state nsurance laws and regulations

31. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
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
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

32. Stock and mutural companies
national association of health underwriters
Insure people of the same business - ocupation< Dentists>
Old-age survivors and disability insurance ( social Security)
Write life - health - property and casualty insurance

33. HI
Stock and mutural companies
Many lines of insurance - life - annuitites and car - helth
Supplemental Medical Insurance or Medicare
Hospital Insurance

34. Federal goverment
Securities and exchange commission - regulates variable life and annuities
Mutuals comany coverting to stock compnay
Stock company may be converted into mutal company
For military Servicemembers - group life - veterans life - national life

35. RRG
Barred common ownerships of banks - insurance companines
Health maintenance organization
Write life - health - property and casualty insurance
Risk Retention Group

36. Lloyds of London
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
Regulates - supervising insurance companies and agents - brokers
Career agency . personal producing general agency. Indipendent agency

37. Private insures
Many lines of insurance - life - annuitites and car - helth
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Private and goverment
national association of health underwriters

38. Types of insurers
Assumes a portion of the risk from another insurer
Mutual - stock - graternal
Debit insurers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

39. PPO
Assumes a portion of the risk from another insurer
Securities and exchange commission - regulates variable life and annuities
Old-age survivors and disability insurance ( social Security)
Perferred provider organization

40. Types of insurers
National association of insurance commissioners
Companies that write more thane one line of insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Private and goverment

41. NAIC
Securities and exchange commission - regulates variable life and annuities
Debit insurers
National association of insurance commissioners
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

42. Types of Goverment Insurer
Securities and exchange commission - regulates variable life and annuities
For military Servicemembers - group life - veterans life - national life
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Direct selling mass marketing

43. Agents represent
Not a service provider
Assist the admin with efficiency in laws
The insurer
Supplemental Medical Insurance or Medicare

44. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock company may be converted into mutal company
Supplemental Medical Insurance or Medicare

45. Demutualizing
Mutual - stock - graternal
Mutuals comany coverting to stock compnay
Write life - health - property and casualty insurance
National association of insurance and financial advisors

46. HMO
Health maintenance organization
Old-age survivors and disability insurance ( social Security)
PUBIC LAW 15 - insruance are state regulated
National association of insurance and financial advisors

47. Mccarran Ferguson act
PUBIC LAW 15 - insruance are state regulated
HMO and PPO
Securities and exchange commission - regulates variable life and annuities
Direct selling mass marketing