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Test your basic knowledge |
Insurance Industry
Start Test
Study First
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. Reinsurere is a company that...
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
National association of insurance and financial advisors
Assumes a portion of the risk from another insurer
Securities and exchange commission - regulates variable life and annuities
2. Types of insurers
Mutual - stock - graternal
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Old-age survivors and disability insurance ( social Security)
3. Private insures
Career agency . personal producing general agency. Indipendent agency
Many lines of insurance - life - annuitites and car - helth
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock company may be converted into mutal company
4. State Regulations
Regulates - supervising insurance companies and agents - brokers
HMO and PPO
Must be nonprofit - maintain form of gov with elected officers
Guarantees claim will be paid if any insurer becomes insolvent
5. Stock insurers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Not a service provider
Stock company may be converted into mutal company
Form of service provided by hospitals and physicians
6. Mutualization
Stock company may be converted into mutal company
Write life - health - property and casualty insurance
Assumes a portion of the risk from another insurer
Many lines of insurance - life - annuitites and car - helth
7. Home service insures
Perferred provider organization
The insurer
Debit insurers
Guarantees claim will be paid if any insurer becomes insolvent
8. Industrial insurance
Mutual - stock - graternal
A++ superior - A- Excellent - ability to meet obligations
Companies that write more thane one line of insurance
Specialize in particulare type of insurance
9. Fair credit recording act 1970
PUBIC LAW 15 - insruance are state regulated
Supplemental Medical Insurance or Medicare
Protect person right to privact
Career agency . personal producing general agency. Indipendent agency
10. SEC
Form of service provided by hospitals and physicians
Protect person right to privact
Securities and exchange commission - regulates variable life and annuities
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
11. NAIC
To preservce state regulations of the insurance business
Risk Retention Group
Supplemental Medical Insurance or Medicare
Assumes a portion of the risk from another insurer
12. PPO
Regulates - supervising insurance companies and agents - brokers
Stock and mutural companies
Perferred provider organization
Private and goverment
13. LLoyd's of London
Private and goverment
Risk Retention Group
Mutual - stock - graternal
Not a service provider
14. Financial service moderinzation act 1999
national association of health underwriters
Old-age survivors and disability insurance ( social Security)
Must be nonprofit - maintain form of gov with elected officers
Barred common ownerships of banks - insurance companines
15. NAIC broad objective #2
Insure people of the same business - ocupation< Dentists>
Assist the admin with efficiency in laws
An agents contract
Stock and mutural companies
16. State Guaranty Association
Mutuals comany coverting to stock compnay
Guarantees claim will be paid if any insurer becomes insolvent
Old-age survivors and disability insurance ( social Security)
Not a service provider
17. Federal goverment
Hospital Insurance
A++ superior - A- Excellent - ability to meet obligations
Assumes a portion of the risk from another insurer
For military Servicemembers - group life - veterans life - national life
18. HI
Hospital Insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
HMO and PPO
Write life - health - property and casualty insurance
19. An agent has...
Stock company may be converted into mutal company
An agents contract
HMO and PPO
Debit insurers
20. Types of private insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Insure people of the same business - ocupation< Dentists>
Career agency . personal producing general agency. Indipendent agency
Regulates - supervising insurance companies and agents - brokers
21. Service providers
To preservce state regulations of the insurance business
Must be nonprofit - maintain form of gov with elected officers
Protect person right to privact
Form of service provided by hospitals and physicians
22. Demutualizing
Mutuals comany coverting to stock compnay
National association of insurance and financial advisors
The insurer
For military Servicemembers - group life - veterans life - national life
23. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
For military Servicemembers - group life - veterans life - national life
Supplemental Medical Insurance or Medicare
A++ superior - A- Excellent - ability to meet obligations
24. Agents represent
The insurer
Career agency . personal producing general agency. Indipendent agency
Hospital Insurance
National association of insurance and financial advisors
25. 3 systesm support sales of insurance
Supplemental Medical Insurance or Medicare
Career agency . personal producing general agency. Indipendent agency
Protect person right to privact
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
26. SMI
Insure people of the same business - ocupation< Dentists>
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Supplemental Medical Insurance or Medicare
Companies that write more thane one line of insurance
27. Risk Retention group ( RRG)
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
HMO and PPO
A++ superior - A- Excellent - ability to meet obligations
Insure people of the same business - ocupation< Dentists>
28. Types of service providers
Private and goverment
Risk Retention Group
HMO and PPO
A broker contract
29. HMO
Health maintenance organization
Guarantees claim will be paid if any insurer becomes insolvent
Protect the intrest of policyowners and consumers
Not a service provider
30. methods of selling insurance
national association of health underwriters
Stock company may be converted into mutal company
Direct selling mass marketing
Securities and exchange commission - regulates variable life and annuities
31. Commercial insures
national association of health underwriters
Stock and mutural companies
Assist the admin with efficiency in laws
Companies that write more thane one line of insurance
32. Types of Goverment Insurer
Mutual - stock - graternal
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Supplemental Medical Insurance or Medicare
Not a service provider
33. Multi-line insurace
Companies that write more thane one line of insurance
Guarantees claim will be paid if any insurer becomes insolvent
HMO and PPO
Assist the admin with efficiency in laws
34. NAIC
National association of insurance and financial advisors
Assist the admin with efficiency in laws
National association of insurance commissioners
Guarantees claim will be paid if any insurer becomes insolvent
35. Mccarran Ferguson act
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
The insurer
Write life - health - property and casualty insurance
PUBIC LAW 15 - insruance are state regulated
36. NAHU
Private and goverment
A broker contract
national association of health underwriters
Securities and exchange commission - regulates variable life and annuities
37. NAIC broad objective #3
Securities and exchange commission - regulates variable life and annuities
Direct selling mass marketing
Old-age survivors and disability insurance ( social Security)
Protect the intrest of policyowners and consumers
38. RRG
Risk Retention Group
Supplemental Medical Insurance or Medicare
Stock and mutural companies
Form of service provided by hospitals and physicians
39. Rating system
national association of health underwriters
A++ superior - A- Excellent - ability to meet obligations
Must be nonprofit - maintain form of gov with elected officers
To preservce state regulations of the insurance business
40. Lloyds of London
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Assist the admin with efficiency in laws
National association of insurance and financial advisors
A++ superior - A- Excellent - ability to meet obligations
41. NAIC broad objective #1
Old-age survivors and disability insurance ( social Security)
A++ superior - A- Excellent - ability to meet obligations
The insurer
Encourage unifromity in state nsurance laws and regulations
42. NAIFA
Stock and mutural companies
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Direct selling mass marketing
National association of insurance and financial advisors
43. Steps in promote suitable sales
Risk Retention Group
Protect the intrest of policyowners and consumers
Must be nonprofit - maintain form of gov with elected officers
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
44. A broker has...
national association of health underwriters
A broker contract
Career agency . personal producing general agency. Indipendent agency
Supplemental Medical Insurance or Medicare
45. Freternal Benefits Societies
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
HMO and PPO
Must be nonprofit - maintain form of gov with elected officers
Stock company may be converted into mutal company
46. Stock and mutural companies
Write life - health - property and casualty insurance
Career agency . personal producing general agency. Indipendent agency
Perferred provider organization
Private and goverment
47. Types of insurers
For military Servicemembers - group life - veterans life - national life
Debit insurers
Protect the intrest of policyowners and consumers
Private and goverment