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. LLoyd's of London
Write life - health - property and casualty insurance
Assumes a portion of the risk from another insurer
Securities and exchange commission - regulates variable life and annuities
Not a service provider

2. Reinsurere is a company that...
An agents contract
Assumes a portion of the risk from another insurer
Encourage unifromity in state nsurance laws and regulations
To preservce state regulations of the insurance business

3. Freternal Benefits Societies
Debit insurers
Direct selling mass marketing
Barred common ownerships of banks - insurance companines
Must be nonprofit - maintain form of gov with elected officers

4. SEC
Securities and exchange commission - regulates variable life and annuities
national association of health underwriters
Protect person right to privact
The insurer

5. An agent has...
A++ superior - A- Excellent - ability to meet obligations
national association of health underwriters
An agents contract
HMO and PPO

6. Types of private insurance
national association of health underwriters
Stock and mutural companies
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Write life - health - property and casualty insurance

7. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
Stock and mutural companies
Career agency . personal producing general agency. Indipendent agency
Perferred provider organization

8. HI
Hospital Insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock and mutural companies
Must be nonprofit - maintain form of gov with elected officers

9. HMO
Insure people of the same business - ocupation< Dentists>
National association of insurance commissioners
Supplemental Medical Insurance or Medicare
Health maintenance organization

10. NAIFA
Risk Retention Group
National association of insurance and financial advisors
Health maintenance organization
Many lines of insurance - life - annuitites and car - helth

11. Mccarran Ferguson act
PUBIC LAW 15 - insruance are state regulated
Specialize in particulare type of insurance
Stock and mutural companies
national association of health underwriters

12. Types of service providers
Insure people of the same business - ocupation< Dentists>
To preservce state regulations of the insurance business
HMO and PPO
The insurer

13. Types of Goverment Insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Career agency . personal producing general agency. Indipendent agency
Assist the admin with efficiency in laws
National association of insurance and financial advisors

14. Steps in promote suitable sales
Stock and mutural companies
Protect the intrest of policyowners and consumers
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Risk Retention Group

15. NAHU
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
national association of health underwriters
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Mutuals comany coverting to stock compnay

16. Service providers
Perferred provider organization
National association of insurance commissioners
For military Servicemembers - group life - veterans life - national life
Form of service provided by hospitals and physicians

17. Home service insures
Not a service provider
Securities and exchange commission - regulates variable life and annuities
Old-age survivors and disability insurance ( social Security)
Debit insurers

18. NAIC broad objective #1
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Old-age survivors and disability insurance ( social Security)
Barred common ownerships of banks - insurance companines
Encourage unifromity in state nsurance laws and regulations

19. Risk Retention group ( RRG)
Protect person right to privact
Insure people of the same business - ocupation< Dentists>
Securities and exchange commission - regulates variable life and annuities
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

20. PPO
Encourage unifromity in state nsurance laws and regulations
To preservce state regulations of the insurance business
Perferred provider organization
An agents contract

21. Stock insurers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock company may be converted into mutal company
Many lines of insurance - life - annuitites and car - helth
Specialize in particulare type of insurance

22. Agents represent
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
The insurer
Stock company may be converted into mutal company
Health maintenance organization

23. NAIC broad objective #2
Assist the admin with efficiency in laws
Direct selling mass marketing
Protect the intrest of policyowners and consumers
national association of health underwriters

24. Stock and mutural companies
Not a service provider
Write life - health - property and casualty insurance
Companies that write more thane one line of insurance
Barred common ownerships of banks - insurance companines

25. NAIC
National association of insurance commissioners
Mutual - stock - graternal
Hospital Insurance
Stock and mutural companies

26. SMI
An agents contract
Supplemental Medical Insurance or Medicare
Mutuals comany coverting to stock compnay
To preservce state regulations of the insurance business

27. Industrial insurance
Guarantees claim will be paid if any insurer becomes insolvent
Specialize in particulare type of insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
For military Servicemembers - group life - veterans life - national life

28. State Guaranty Association
Hospital Insurance
Career agency . personal producing general agency. Indipendent agency
Guarantees claim will be paid if any insurer becomes insolvent
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

29. NAIC
Specialize in particulare type of insurance
Private and goverment
To preservce state regulations of the insurance business
Guarantees claim will be paid if any insurer becomes insolvent

30. methods of selling insurance
National association of insurance and financial advisors
Stock company may be converted into mutal company
Debit insurers
Direct selling mass marketing

31. Multi-line insurace
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Companies that write more thane one line of insurance
PUBIC LAW 15 - insruance are state regulated
Supplemental Medical Insurance or Medicare

32. Types of insurers
Mutuals comany coverting to stock compnay
Mutual - stock - graternal
Write life - health - property and casualty insurance
Old-age survivors and disability insurance ( social Security)

33. A broker has...
A broker contract
To preservce state regulations of the insurance business
Private and goverment
Mutuals comany coverting to stock compnay

34. Private insures
Guarantees claim will be paid if any insurer becomes insolvent
HMO and PPO
Regulates - supervising insurance companies and agents - brokers
Many lines of insurance - life - annuitites and car - helth

35. Financial service moderinzation act 1999
Securities and exchange commission - regulates variable life and annuities
Mutual - stock - graternal
Barred common ownerships of banks - insurance companines
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

36. Federal goverment
Hospital Insurance
Career agency . personal producing general agency. Indipendent agency
For military Servicemembers - group life - veterans life - national life
Not a service provider

37. Commercial insures
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Stock and mutural companies
Supplemental Medical Insurance or Medicare
Perferred provider organization

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

39. State Regulations
Must be nonprofit - maintain form of gov with elected officers
Regulates - supervising insurance companies and agents - brokers
Old-age survivors and disability insurance ( social Security)
Health maintenance organization

40. Fair credit recording act 1970
Companies that write more thane one line of insurance
Protect person right to privact
National association of insurance commissioners
Write life - health - property and casualty insurance

41. RRG
Mutual - stock - graternal
Risk Retention Group
Encourage unifromity in state nsurance laws and regulations
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

42. 3 systesm support sales of insurance
Career agency . personal producing general agency. Indipendent agency
Assist the admin with efficiency in laws
The insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

43. Rating system
Private and goverment
Assumes a portion of the risk from another insurer
A++ superior - A- Excellent - ability to meet obligations
Mutual - stock - graternal

44. Types of insurers
Private and goverment
Encourage unifromity in state nsurance laws and regulations
Risk Retention Group
A++ superior - A- Excellent - ability to meet obligations

45. NAIC broad objective #3
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers
Form of service provided by hospitals and physicians
Mutual - stock - graternal

46. Mutualization
Many lines of insurance - life - annuitites and car - helth
Insure people of the same business - ocupation< Dentists>
For military Servicemembers - group life - veterans life - national life
Stock company may be converted into mutal company

47. Lloyds of London
Hospital Insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
HMO and PPO