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. methods of selling insurance
Direct selling mass marketing
Mutual - stock - graternal
Old-age survivors and disability insurance ( social Security)
Stock company may be converted into mutal company

2. RRG
Risk Retention Group
Companies that write more thane one line of insurance
To preservce state regulations of the insurance business
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

3. State Guaranty Association
Many lines of insurance - life - annuitites and car - helth
Regulates - supervising insurance companies and agents - brokers
Guarantees claim will be paid if any insurer becomes insolvent
National association of insurance and financial advisors

4. 3 systesm support sales of insurance
Career agency . personal producing general agency. Indipendent agency
An agents contract
For military Servicemembers - group life - veterans life - national life
Insure people of the same business - ocupation< Dentists>

5. Types of private insurance
Assist the admin with efficiency in laws
Stock and mutural companies
Direct selling mass marketing
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

6. PPO
Assist the admin with efficiency in laws
Perferred provider organization
Guarantees claim will be paid if any insurer becomes insolvent
Mutual - stock - graternal

7. Service providers
Assist the admin with efficiency in laws
Form of service provided by hospitals and physicians
Direct selling mass marketing
An agents contract

8. Reinsurere is a company that...
Private and goverment
Assumes a portion of the risk from another insurer
Regulates - supervising insurance companies and agents - brokers
Form of service provided by hospitals and physicians

9. HI
Hospital Insurance
Private and goverment
Many lines of insurance - life - annuitites and car - helth
Insure people of the same business - ocupation< Dentists>

10. A broker has...
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
PUBIC LAW 15 - insruance are state regulated
A broker contract
Insure people of the same business - ocupation< Dentists>

11. Types of service providers
Insure people of the same business - ocupation< Dentists>
Hospital Insurance
Direct selling mass marketing
HMO and PPO

12. Private insures
Many lines of insurance - life - annuitites and car - helth
Career agency . personal producing general agency. Indipendent agency
Mutuals comany coverting to stock compnay
Guarantees claim will be paid if any insurer becomes insolvent

13. Mutualization
The insurer
Stock company may be converted into mutal company
Mutual - stock - graternal
Supplemental Medical Insurance or Medicare

14. Mccarran Ferguson act
Protect the intrest of policyowners and consumers
To preservce state regulations of the insurance business
National association of insurance and financial advisors
PUBIC LAW 15 - insruance are state regulated

15. SEC
A broker contract
An agents contract
Mutuals comany coverting to stock compnay
Securities and exchange commission - regulates variable life and annuities

16. NAIC
Health maintenance organization
To preservce state regulations of the insurance business
HMO and PPO
Form of service provided by hospitals and physicians

17. Risk Retention group ( RRG)
Specialize in particulare type of insurance
National association of insurance and financial advisors
Private and goverment
Insure people of the same business - ocupation< Dentists>

18. State Regulations
Regulates - supervising insurance companies and agents - brokers
An agents contract
Risk Retention Group
A broker contract

19. Multi-line insurace
Companies that write more thane one line of insurance
Assist the admin with efficiency in laws
For military Servicemembers - group life - veterans life - national life
The insurer

20. Commercial insures
Stock and mutural companies
National association of insurance commissioners
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

21. Types of Goverment Insurer
Stock company may be converted into mutal company
Risk Retention Group
Guarantees claim will be paid if any insurer becomes insolvent
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

22. Demutualizing
Debit insurers
Mutuals comany coverting to stock compnay
The insurer
Must be nonprofit - maintain form of gov with elected officers

23. Freternal Benefits Societies
Must be nonprofit - maintain form of gov with elected officers
Supplemental Medical Insurance or Medicare
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Guarantees claim will be paid if any insurer becomes insolvent

24. Types of insurers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Mutual - stock - graternal
Regulates - supervising insurance companies and agents - brokers
Not a service provider

25. NAIC broad objective #1
Stock company may be converted into mutal company
Mutuals comany coverting to stock compnay
Old-age survivors and disability insurance ( social Security)
Encourage unifromity in state nsurance laws and regulations

26. An agent has...
Regulates - supervising insurance companies and agents - brokers
HMO and PPO
national association of health underwriters
An agents contract

27. Lloyds of London
The insurer
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
PUBIC LAW 15 - insruance are state regulated

28. Stock insurers
Perferred provider organization
Hospital Insurance
Assist the admin with efficiency in laws
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

29. Federal goverment
Assumes a portion of the risk from another insurer
Stock company may be converted into mutal company
Not a service provider
For military Servicemembers - group life - veterans life - national life

30. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Not a service provider
To preservce state regulations of the insurance business

31. Stock and mutural companies
A++ superior - A- Excellent - ability to meet obligations
Specialize in particulare type of insurance
Write life - health - property and casualty insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

32. Steps in promote suitable sales
An agents contract
Form of service provided by hospitals and physicians
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
A broker contract

33. Home service insures
Mutual - stock - graternal
Debit insurers
Supplemental Medical Insurance or Medicare
national association of health underwriters

34. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
National association of insurance commissioners
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Not a service provider

35. Agents represent
Debit insurers
Private and goverment
The insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

36. NAIC
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Direct selling mass marketing
National association of insurance commissioners
Protect the intrest of policyowners and consumers

37. NAIC broad objective #2
HMO and PPO
Mutuals comany coverting to stock compnay
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Assist the admin with efficiency in laws

38. NAHU
To preservce state regulations of the insurance business
national association of health underwriters
HMO and PPO
Not a service provider

39. HMO
Health maintenance organization
Private and goverment
Barred common ownerships of banks - insurance companines
A broker contract

40. SMI
Companies that write more thane one line of insurance
Mutuals comany coverting to stock compnay
Supplemental Medical Insurance or Medicare
A++ superior - A- Excellent - ability to meet obligations

41. Industrial insurance
Supplemental Medical Insurance or Medicare
Career agency . personal producing general agency. Indipendent agency
Specialize in particulare type of insurance
Barred common ownerships of banks - insurance companines

42. LLoyd's of London
Form of service provided by hospitals and physicians
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
PUBIC LAW 15 - insruance are state regulated
Not a service provider

43. NAIC broad objective #3
Protect the intrest of policyowners and consumers
The insurer
Career agency . personal producing general agency. Indipendent agency
Hospital Insurance

44. Fair credit recording act 1970
Form of service provided by hospitals and physicians
Protect person right to privact
Health maintenance organization
For military Servicemembers - group life - veterans life - national life

45. NAIFA
PUBIC LAW 15 - insruance are state regulated
Perferred provider organization
National association of insurance and financial advisors
Write life - health - property and casualty insurance

46. Types of insurers
Assumes a portion of the risk from another insurer
national association of health underwriters
Private and goverment
The insurer

47. Rating system
Many lines of insurance - life - annuitites and car - helth
For military Servicemembers - group life - veterans life - national life
Protect the intrest of policyowners and consumers
A++ superior - A- Excellent - ability to meet obligations