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. Stock insurers
Encourage unifromity in state nsurance laws and regulations
Insure people of the same business - ocupation< Dentists>
Securities and exchange commission - regulates variable life and annuities
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

2. An agent has...
Supplemental Medical Insurance or Medicare
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Specialize in particulare type of insurance
An agents contract

3. Types of service providers
A broker contract
Specialize in particulare type of insurance
Mutuals comany coverting to stock compnay
HMO and PPO

4. State Guaranty Association
Not a service provider
Securities and exchange commission - regulates variable life and annuities
Old-age survivors and disability insurance ( social Security)
Guarantees claim will be paid if any insurer becomes insolvent

5. RRG
national association of health underwriters
For military Servicemembers - group life - veterans life - national life
Career agency . personal producing general agency. Indipendent agency
Risk Retention Group

6. Types of Goverment Insurer
A broker contract
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Supplemental Medical Insurance or Medicare
Encourage unifromity in state nsurance laws and regulations

7. OASDI ( SSN)
National association of insurance and financial advisors
Assist the admin with efficiency in laws
Old-age survivors and disability insurance ( social Security)
Career agency . personal producing general agency. Indipendent agency

8. Mutualization
Stock and mutural companies
Stock company may be converted into mutal company
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Assist the admin with efficiency in laws

9. SMI
Protect person right to privact
Many lines of insurance - life - annuitites and car - helth
Debit insurers
Supplemental Medical Insurance or Medicare

10. NAIC broad objective #2
Mutual - stock - graternal
Career agency . personal producing general agency. Indipendent agency
Assumes a portion of the risk from another insurer
Assist the admin with efficiency in laws

11. NAIC
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Stock and mutural companies
Must be nonprofit - maintain form of gov with elected officers
To preservce state regulations of the insurance business

12. Freternal Benefits Societies
Guarantees claim will be paid if any insurer becomes insolvent
Health maintenance organization
Must be nonprofit - maintain form of gov with elected officers
National association of insurance commissioners

13. Fair credit recording act 1970
Guarantees claim will be paid if any insurer becomes insolvent
Protect person right to privact
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Private and goverment

14. NAIC
National association of insurance commissioners
Private and goverment
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

15. methods of selling insurance
Direct selling mass marketing
Write life - health - property and casualty insurance
Form of service provided by hospitals and physicians
An agents contract

16. HI
Insure people of the same business - ocupation< Dentists>
The insurer
Mutual - stock - graternal
Hospital Insurance

17. HMO
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Health maintenance organization
Protect the intrest of policyowners and consumers
Supplemental Medical Insurance or Medicare

18. Lloyds of London
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
An agents contract
Private and goverment
A++ superior - A- Excellent - ability to meet obligations

19. 3 systesm support sales of insurance
Mutual - stock - graternal
Many lines of insurance - life - annuitites and car - helth
Career agency . personal producing general agency. Indipendent agency
Assumes a portion of the risk from another insurer

20. NAIC broad objective #1
Risk Retention Group
Encourage unifromity in state nsurance laws and regulations
National association of insurance commissioners
To preservce state regulations of the insurance business

21. PPO
Perferred provider organization
To preservce state regulations of the insurance business
Specialize in particulare type of insurance
Many lines of insurance - life - annuitites and car - helth

22. Types of insurers
national association of health underwriters
Debit insurers
An agents contract
Mutual - stock - graternal

23. Mccarran Ferguson act
PUBIC LAW 15 - insruance are state regulated
Assist the admin with efficiency in laws
Perferred provider organization
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

24. A broker has...
Health maintenance organization
A broker contract
The insurer
Securities and exchange commission - regulates variable life and annuities

25. Agents represent
Protect person right to privact
Guarantees claim will be paid if any insurer becomes insolvent
The insurer
Old-age survivors and disability insurance ( social Security)

26. Demutualizing
Insure people of the same business - ocupation< Dentists>
Assist the admin with efficiency in laws
Mutuals comany coverting to stock compnay
An agents contract

27. Risk Retention group ( RRG)
Insure people of the same business - ocupation< Dentists>
Regulates - supervising insurance companies and agents - brokers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
national association of health underwriters

28. NAIFA
National association of insurance and financial advisors
Must be nonprofit - maintain form of gov with elected officers
Securities and exchange commission - regulates variable life and annuities
Risk Retention Group

29. Private insures
Many lines of insurance - life - annuitites and car - helth
Protect person right to privact
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

30. State Regulations
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Debit insurers
Regulates - supervising insurance companies and agents - brokers
Insure people of the same business - ocupation< Dentists>

31. NAIC broad objective #3
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Direct selling mass marketing
Barred common ownerships of banks - insurance companines
Protect the intrest of policyowners and consumers

32. LLoyd's of London
Old-age survivors and disability insurance ( social Security)
Must be nonprofit - maintain form of gov with elected officers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Not a service provider

33. Commercial insures
Stock and mutural companies
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Insure people of the same business - ocupation< Dentists>

34. Reinsurere is a company that...
Assumes a portion of the risk from another insurer
Stock company may be converted into mutal company
Must be nonprofit - maintain form of gov with elected officers
Securities and exchange commission - regulates variable life and annuities

35. Types of insurers
The insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Private and goverment
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

36. Financial service moderinzation act 1999
Hospital Insurance
To preservce state regulations of the insurance business
Barred common ownerships of banks - insurance companines
Specialize in particulare type of insurance

37. NAHU
Many lines of insurance - life - annuitites and car - helth
The insurer
Regulates - supervising insurance companies and agents - brokers
national association of health underwriters

38. Types of private insurance
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
Barred common ownerships of banks - insurance companines
For military Servicemembers - group life - veterans life - national life

39. Stock and mutural companies
Write life - health - property and casualty insurance
A broker contract
To preservce state regulations of the insurance business
national association of health underwriters

40. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
National association of insurance and financial advisors
Debit insurers
The insurer

41. Home service insures
Insure people of the same business - ocupation< Dentists>
Debit insurers
Securities and exchange commission - regulates variable life and annuities
Guarantees claim will be paid if any insurer becomes insolvent

42. Federal goverment
Barred common ownerships of banks - insurance companines
For military Servicemembers - group life - veterans life - national life
National association of insurance and financial advisors
Encourage unifromity in state nsurance laws and regulations

43. SEC
Securities and exchange commission - regulates variable life and annuities
Write life - health - property and casualty insurance
For military Servicemembers - group life - veterans life - national life
A++ superior - A- Excellent - ability to meet obligations

44. Industrial insurance
national association of health underwriters
HMO and PPO
Perferred provider organization
Specialize in particulare type of insurance

45. Service providers
Form of service provided by hospitals and physicians
Mutual - stock - graternal
Must be nonprofit - maintain form of gov with elected officers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

46. Multi-line insurace
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Protect person right to privact
Hospital Insurance
Companies that write more thane one line of insurance

47. Rating system
Must be nonprofit - maintain form of gov with elected officers
For military Servicemembers - group life - veterans life - national life
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
A++ superior - A- Excellent - ability to meet obligations