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. RRG
Supplemental Medical Insurance or Medicare
Risk Retention Group
Perferred provider organization
Guarantees claim will be paid if any insurer becomes insolvent

2. OASDI ( SSN)
HMO and PPO
Old-age survivors and disability insurance ( social Security)
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Must be nonprofit - maintain form of gov with elected officers

3. Mccarran Ferguson act
Securities and exchange commission - regulates variable life and annuities
Debit insurers
A++ superior - A- Excellent - ability to meet obligations
PUBIC LAW 15 - insruance are state regulated

4. NAIC broad objective #1
Encourage unifromity in state nsurance laws and regulations
Protect the intrest of policyowners and consumers
An agents contract
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

5. 3 systesm support sales of insurance
Must be nonprofit - maintain form of gov with elected officers
Career agency . personal producing general agency. Indipendent agency
Debit insurers
Private and goverment

6. Multi-line insurace
Assumes a portion of the risk from another insurer
Companies that write more thane one line of insurance
Mutual - stock - graternal
Career agency . personal producing general agency. Indipendent agency

7. Types of Goverment Insurer
Stock and mutural companies
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Supplemental Medical Insurance or Medicare
Mutuals comany coverting to stock compnay

8. Lloyds of London
Regulates - supervising insurance companies and agents - brokers
Protect person right to privact
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

9. Home service insures
To preservce state regulations of the insurance business
Debit insurers
Encourage unifromity in state nsurance laws and regulations
Guarantees claim will be paid if any insurer becomes insolvent

10. methods of selling insurance
A broker contract
Direct selling mass marketing
Debit insurers
To preservce state regulations of the insurance business

11. Commercial insures
Encourage unifromity in state nsurance laws and regulations
Must be nonprofit - maintain form of gov with elected officers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Stock and mutural companies

12. Mutualization
A++ superior - A- Excellent - ability to meet obligations
Stock company may be converted into mutal company
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Career agency . personal producing general agency. Indipendent agency

13. Types of service providers
Hospital Insurance
HMO and PPO
Direct selling mass marketing
Specialize in particulare type of insurance

14. State Guaranty Association
Guarantees claim will be paid if any insurer becomes insolvent
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
HMO and PPO
national association of health underwriters

15. An agent has...
An agents contract
Mutual - stock - graternal
Direct selling mass marketing
Encourage unifromity in state nsurance laws and regulations

16. State Regulations
A broker contract
Assumes a portion of the risk from another insurer
National association of insurance and financial advisors
Regulates - supervising insurance companies and agents - brokers

17. Types of private insurance
Assist the admin with efficiency in laws
Direct selling mass marketing
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Write life - health - property and casualty insurance

18. Federal goverment
Form of service provided by hospitals and physicians
A++ superior - A- Excellent - ability to meet obligations
For military Servicemembers - group life - veterans life - national life
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

19. HMO
HMO and PPO
Risk Retention Group
Form of service provided by hospitals and physicians
Health maintenance organization

20. A broker has...
A broker contract
Career agency . personal producing general agency. Indipendent agency
national association of health underwriters
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

21. Private insures
Stock company may be converted into mutal company
Debit insurers
Protect the intrest of policyowners and consumers
Many lines of insurance - life - annuitites and car - helth

22. Agents represent
Encourage unifromity in state nsurance laws and regulations
The insurer
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Regulates - supervising insurance companies and agents - brokers

23. SMI
Health maintenance organization
For military Servicemembers - group life - veterans life - national life
Supplemental Medical Insurance or Medicare
Debit insurers

24. SEC
Hospital Insurance
Perferred provider organization
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Securities and exchange commission - regulates variable life and annuities

25. LLoyd's of London
Old-age survivors and disability insurance ( social Security)
Hospital Insurance
Not a service provider
Regulates - supervising insurance companies and agents - brokers

26. NAIC
Direct selling mass marketing
Private and goverment
Perferred provider organization
National association of insurance commissioners

27. Stock and mutural companies
Write life - health - property and casualty insurance
Form of service provided by hospitals and physicians
Protect the intrest of policyowners and consumers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

28. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
PUBIC LAW 15 - insruance are state regulated
National association of insurance and financial advisors
Not a service provider

29. NAIC broad objective #3
Perferred provider organization
Assist the admin with efficiency in laws
Protect the intrest of policyowners and consumers
Regulates - supervising insurance companies and agents - brokers

30. Industrial insurance
Debit insurers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Specialize in particulare type of insurance
Protect the intrest of policyowners and consumers

31. Service providers
National association of insurance and financial advisors
Form of service provided by hospitals and physicians
Protect the intrest of policyowners and consumers
Assumes a portion of the risk from another insurer

32. NAHU
National association of insurance commissioners
A broker contract
national association of health underwriters
PUBIC LAW 15 - insruance are state regulated

33. Risk Retention group ( RRG)
Private and goverment
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Insure people of the same business - ocupation< Dentists>
Guarantees claim will be paid if any insurer becomes insolvent

34. Rating system
A++ superior - A- Excellent - ability to meet obligations
Securities and exchange commission - regulates variable life and annuities
Direct selling mass marketing
Debit insurers

35. Stock insurers
Barred common ownerships of banks - insurance companines
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
national association of health underwriters
Stock and mutural companies

36. NAIC
To preservce state regulations of the insurance business
Many lines of insurance - life - annuitites and car - helth
Debit insurers
Risk Retention Group

37. Demutualizing
Mutuals comany coverting to stock compnay
Regulates - supervising insurance companies and agents - brokers
Debit insurers
Guarantees claim will be paid if any insurer becomes insolvent

38. NAIC broad objective #2
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Assist the admin with efficiency in laws
For military Servicemembers - group life - veterans life - national life
Form of service provided by hospitals and physicians

39. NAIFA
Health maintenance organization
Mutuals comany coverting to stock compnay
Insure people of the same business - ocupation< Dentists>
National association of insurance and financial advisors

40. Fair credit recording act 1970
Protect person right to privact
An agents contract
Mutuals comany coverting to stock compnay
Many lines of insurance - life - annuitites and car - helth

41. PPO
Stock company may be converted into mutal company
Perferred provider organization
Direct selling mass marketing
To preservce state regulations of the insurance business

42. Types of insurers
Risk Retention Group
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Debit insurers
Mutual - stock - graternal

43. Financial service moderinzation act 1999
Regulates - supervising insurance companies and agents - brokers
national association of health underwriters
Barred common ownerships of banks - insurance companines
Securities and exchange commission - regulates variable life and annuities

44. HI
Hospital Insurance
Not a service provider
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Assumes a portion of the risk from another insurer

45. Types of insurers
Private and goverment
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Specialize in particulare type of insurance
To preservce state regulations of the insurance business

46. Reinsurere is a company that...
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Assumes a portion of the risk from another insurer
HMO and PPO
Assist the admin with efficiency in laws

47. Freternal Benefits Societies
To preservce state regulations of the insurance business
Old-age survivors and disability insurance ( social Security)
national association of health underwriters
Must be nonprofit - maintain form of gov with elected officers