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
Risk Retention Group
Protect the intrest of policyowners and consumers
National association of insurance and financial advisors
Health maintenance organization

2. Agents represent
Securities and exchange commission - regulates variable life and annuities
Private and goverment
Many lines of insurance - life - annuitites and car - helth
The insurer

3. Fair credit recording act 1970
Barred common ownerships of banks - insurance companines
Health maintenance organization
Protect person right to privact
Career agency . personal producing general agency. Indipendent agency

4. 3 systesm support sales of insurance
A++ superior - A- Excellent - ability to meet obligations
The insurer
Insure people of the same business - ocupation< Dentists>
Career agency . personal producing general agency. Indipendent agency

5. Stock and mutural companies
Protect the intrest of policyowners and consumers
Insure people of the same business - ocupation< Dentists>
Write life - health - property and casualty insurance
Securities and exchange commission - regulates variable life and annuities

6. Mutualization
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Stock company may be converted into mutal company
Private and goverment
Securities and exchange commission - regulates variable life and annuities

7. A broker has...
Risk Retention Group
HMO and PPO
A broker contract
Direct selling mass marketing

8. NAIC broad objective #2
Not a service provider
Assist the admin with efficiency in laws
An agents contract
Form of service provided by hospitals and physicians

9. An agent has...
The insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
national association of health underwriters
An agents contract

10. Lloyds of London
Regulates - supervising insurance companies and agents - brokers
Insure people of the same business - ocupation< Dentists>
Encourage unifromity in state nsurance laws and regulations
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

11. Types of insurers
PUBIC LAW 15 - insruance are state regulated
Guarantees claim will be paid if any insurer becomes insolvent
Mutual - stock - graternal
A++ superior - A- Excellent - ability to meet obligations

12. State Guaranty Association
Form of service provided by hospitals and physicians
Assist the admin with efficiency in laws
Guarantees claim will be paid if any insurer becomes insolvent
Protect the intrest of policyowners and consumers

13. Types of service providers
HMO and PPO
National association of insurance commissioners
Companies that write more thane one line of insurance
Health maintenance organization

14. Demutualizing
Protect person right to privact
Mutuals comany coverting to stock compnay
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Insure people of the same business - ocupation< Dentists>

15. Stock insurers
Regulates - supervising insurance companies and agents - brokers
An agents contract
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Hospital Insurance

16. Mccarran Ferguson act
PUBIC LAW 15 - insruance are state regulated
Stock and mutural companies
Write life - health - property and casualty insurance
Supplemental Medical Insurance or Medicare

17. Industrial insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Specialize in particulare type of insurance
Supplemental Medical Insurance or Medicare
PUBIC LAW 15 - insruance are state regulated

18. Rating system
A++ superior - A- Excellent - ability to meet obligations
Supplemental Medical Insurance or Medicare
Mutuals comany coverting to stock compnay
Direct selling mass marketing

19. SEC
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
National association of insurance and financial advisors
Securities and exchange commission - regulates variable life and annuities

20. State Regulations
Regulates - supervising insurance companies and agents - brokers
Assumes a portion of the risk from another insurer
National association of insurance and financial advisors
Stock company may be converted into mutal company

21. NAIFA
Assumes a portion of the risk from another insurer
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
National association of insurance and financial advisors
Mutual - stock - graternal

22. HI
Hospital Insurance
Barred common ownerships of banks - insurance companines
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Guarantees claim will be paid if any insurer becomes insolvent

23. SMI
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Supplemental Medical Insurance or Medicare
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Career agency . personal producing general agency. Indipendent agency

24. Commercial insures
Risk Retention Group
Mutuals comany coverting to stock compnay
Debit insurers
Stock and mutural companies

25. NAIC broad objective #3
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
Protect the intrest of policyowners and consumers
Assist the admin with efficiency in laws

26. Financial service moderinzation act 1999
Assist the admin with efficiency in laws
Insure people of the same business - ocupation< Dentists>
Perferred provider organization
Barred common ownerships of banks - insurance companines

27. OASDI ( SSN)
Many lines of insurance - life - annuitites and car - helth
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

28. Private insures
Mutual - stock - graternal
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Many lines of insurance - life - annuitites and car - helth
For military Servicemembers - group life - veterans life - national life

29. NAIC
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
National association of insurance commissioners
Encourage unifromity in state nsurance laws and regulations
Not a service provider

30. Types of private insurance
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
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
To preservce state regulations of the insurance business

31. LLoyd's of London
Hospital Insurance
Not a service provider
Companies that write more thane one line of insurance
The insurer

32. NAHU
Specialize in particulare type of insurance
national association of health underwriters
A broker contract
Mutual - stock - graternal

33. Steps in promote suitable sales
Direct selling mass marketing
Perferred provider organization
Assumes a portion of the risk from another insurer
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

34. HMO
Health maintenance organization
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
For military Servicemembers - group life - veterans life - national life

35. NAIC
Barred common ownerships of banks - insurance companines
Stock company may be converted into mutal company
Insure people of the same business - ocupation< Dentists>
To preservce state regulations of the insurance business

36. NAIC broad objective #1
Barred common ownerships of banks - insurance companines
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Encourage unifromity in state nsurance laws and regulations
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

37. Freternal Benefits Societies
Must be nonprofit - maintain form of gov with elected officers
national association of health underwriters
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Form of service provided by hospitals and physicians

38. Multi-line insurace
Barred common ownerships of banks - insurance companines
Private and goverment
A broker contract
Companies that write more thane one line of insurance

39. Reinsurere is a company that...
The insurer
Assumes a portion of the risk from another insurer
PUBIC LAW 15 - insruance are state regulated
Mutual - stock - graternal

40. PPO
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Protect the intrest of policyowners and consumers
Perferred provider organization
Risk Retention Group

41. Service providers
Mutual - stock - graternal
Protect person right to privact
Form of service provided by hospitals and physicians
Supplemental Medical Insurance or Medicare

42. Federal goverment
Form of service provided by hospitals and physicians
A++ superior - A- Excellent - ability to meet obligations
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
For military Servicemembers - group life - veterans life - national life

43. Types of insurers
Private and goverment
Protect person right to privact
Protect the intrest of policyowners and consumers
Supplemental Medical Insurance or Medicare

44. Home service insures
Debit insurers
Hospital Insurance
Form of service provided by hospitals and physicians
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

45. methods of selling insurance
Direct selling mass marketing
Specialize in particulare type of insurance
Guarantees claim will be paid if any insurer becomes insolvent
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

46. Risk Retention group ( RRG)
Protect person right to privact
National association of insurance and financial advisors
Insure people of the same business - ocupation< Dentists>
Old-age survivors and disability insurance ( social Security)

47. Types of Goverment Insurer
HMO and PPO
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Form of service provided by hospitals and physicians
Direct selling mass marketing