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. Private insures
Encourage unifromity in state nsurance laws and regulations
The insurer
National association of insurance commissioners
Many lines of insurance - life - annuitites and car - helth

2. SEC
Must be nonprofit - maintain form of gov with elected officers
Securities and exchange commission - regulates variable life and annuities
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
PUBIC LAW 15 - insruance are state regulated

3. Commercial insures
Hospital Insurance
Stock and mutural companies
The insurer
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

4. PPO
Guarantees claim will be paid if any insurer becomes insolvent
Protect person right to privact
Perferred provider organization
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

5. Types of insurers
Private and goverment
Not a service provider
Write life - health - property and casualty insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

6. Types of insurers
The insurer
Debit insurers
Mutual - stock - graternal
Securities and exchange commission - regulates variable life and annuities

7. NAIC
A broker contract
Mutual - stock - graternal
Must be nonprofit - maintain form of gov with elected officers
To preservce state regulations of the insurance business

8. NAIC
Must be nonprofit - maintain form of gov with elected officers
National association of insurance commissioners
Insure people of the same business - ocupation< Dentists>
For military Servicemembers - group life - veterans life - national life

9. Home service insures
Debit insurers
Protect the intrest of policyowners and consumers
For military Servicemembers - group life - veterans life - national life
Old-age survivors and disability insurance ( social Security)

10. Agents represent
Protect person right to privact
The insurer
Must be nonprofit - maintain form of gov with elected officers
HMO and PPO

11. Steps in promote suitable sales
Career agency . personal producing general agency. Indipendent agency
Hospital Insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Form of service provided by hospitals and physicians

12. Fair credit recording act 1970
Hospital Insurance
Guarantees claim will be paid if any insurer becomes insolvent
Protect person right to privact
Health maintenance organization

13. Reinsurere is a company that...
Protect the intrest of policyowners and consumers
Assist the admin with efficiency in laws
Old-age survivors and disability insurance ( social Security)
Assumes a portion of the risk from another insurer

14. Rating system
A++ superior - A- Excellent - ability to meet obligations
Barred common ownerships of banks - insurance companines
Debit insurers
An agents contract

15. NAIFA
National association of insurance and financial advisors
Protect the intrest of policyowners and consumers
Must be nonprofit - maintain form of gov with elected officers
For military Servicemembers - group life - veterans life - national life

16. HMO
Mutual - stock - graternal
Health maintenance organization
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Companies that write more thane one line of insurance

17. LLoyd's of London
Not a service provider
Specialize in particulare type of insurance
Encourage unifromity in state nsurance laws and regulations
The insurer

18. methods of selling insurance
Mutuals comany coverting to stock compnay
Not a service provider
Direct selling mass marketing
An agents contract

19. Mutualization
Direct selling mass marketing
Not a service provider
Must be nonprofit - maintain form of gov with elected officers
Stock company may be converted into mutal company

20. Service providers
Form of service provided by hospitals and physicians
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Not a service provider
Debit insurers

21. Risk Retention group ( RRG)
Insure people of the same business - ocupation< Dentists>
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
A broker contract
Regulates - supervising insurance companies and agents - brokers

22. Lloyds of London
Barred common ownerships of banks - insurance companines
Risk Retention Group
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

23. RRG
Risk Retention Group
Debit insurers
Companies that write more thane one line of insurance
National association of insurance commissioners

24. HI
For military Servicemembers - group life - veterans life - national life
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
The insurer
Hospital Insurance

25. OASDI ( SSN)
Stock company may be converted into mutal company
Companies that write more thane one line of insurance
Guarantees claim will be paid if any insurer becomes insolvent
Old-age survivors and disability insurance ( social Security)

26. An agent has...
An agents contract
Insure people of the same business - ocupation< Dentists>
Mutual - stock - graternal
Write life - health - property and casualty insurance

27. Types of service providers
Direct selling mass marketing
HMO and PPO
Specialize in particulare type of insurance
Form of service provided by hospitals and physicians

28. 3 systesm support sales of insurance
A broker contract
Career agency . personal producing general agency. Indipendent agency
Protect person right to privact
Companies that write more thane one line of insurance

29. Stock and mutural companies
Write life - health - property and casualty insurance
Protect the intrest of policyowners and consumers
Companies that write more thane one line of insurance
Specialize in particulare type of insurance

30. Types of Goverment Insurer
The insurer
Specialize in particulare type of insurance
An agents contract
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

31. Financial service moderinzation act 1999
Perferred provider organization
To preservce state regulations of the insurance business
Barred common ownerships of banks - insurance companines
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

32. State Guaranty Association
Guarantees claim will be paid if any insurer becomes insolvent
National association of insurance and financial advisors
Specialize in particulare type of insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

33. Demutualizing
Mutuals comany coverting to stock compnay
Risk Retention Group
Guarantees claim will be paid if any insurer becomes insolvent
Form of service provided by hospitals and physicians

34. Mccarran Ferguson act
Supplemental Medical Insurance or Medicare
PUBIC LAW 15 - insruance are state regulated
Assumes a portion of the risk from another insurer
Mutuals comany coverting to stock compnay

35. Freternal Benefits Societies
Securities and exchange commission - regulates variable life and annuities
For military Servicemembers - group life - veterans life - national life
Must be nonprofit - maintain form of gov with elected officers
Assist the admin with efficiency in laws

36. NAIC broad objective #1
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Encourage unifromity in state nsurance laws and regulations
Assumes a portion of the risk from another insurer

37. Stock insurers
Companies that write more thane one line of insurance
Mutuals comany coverting to stock compnay
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
For military Servicemembers - group life - veterans life - national life

38. Types of private insurance
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
Debit insurers
Companies that write more thane one line of insurance

39. A broker has...
Regulates - supervising insurance companies and agents - brokers
A broker contract
Specialize in particulare type of insurance
Securities and exchange commission - regulates variable life and annuities

40. Industrial insurance
HMO and PPO
Specialize in particulare type of insurance
Encourage unifromity in state nsurance laws and regulations
Direct selling mass marketing

41. Federal goverment
Insure people of the same business - ocupation< Dentists>
Barred common ownerships of banks - insurance companines
Many lines of insurance - life - annuitites and car - helth
For military Servicemembers - group life - veterans life - national life

42. Multi-line insurace
To preservce state regulations of the insurance business
Mutual - stock - graternal
Insure people of the same business - ocupation< Dentists>
Companies that write more thane one line of insurance

43. NAHU
national association of health underwriters
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Regulates - supervising insurance companies and agents - brokers
For military Servicemembers - group life - veterans life - national life

44. SMI
Companies that write more thane one line of insurance
Protect person right to privact
Encourage unifromity in state nsurance laws and regulations
Supplemental Medical Insurance or Medicare

45. NAIC broad objective #3
Direct selling mass marketing
Protect the intrest of policyowners and consumers
Many lines of insurance - life - annuitites and car - helth
Not a service provider

46. NAIC broad objective #2
Encourage unifromity in state nsurance laws and regulations
Assist the admin with efficiency in laws
national association of health underwriters
National association of insurance and financial advisors

47. State Regulations
Supplemental Medical Insurance or Medicare
Encourage unifromity in state nsurance laws and regulations
Regulates - supervising insurance companies and agents - brokers
A broker contract