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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. State Regulations
Regulates - supervising insurance companies and agents - brokers
Old-age survivors and disability insurance ( social Security)
Companies that write more thane one line of insurance
Must be nonprofit - maintain form of gov with elected officers

2. Home service insures
Debit insurers
Protect the intrest of policyowners and consumers
Private and goverment
Insure people of the same business - ocupation< Dentists>

3. NAIFA
Perferred provider organization
Mutual - stock - graternal
National association of insurance and financial advisors
Hospital Insurance

4. Demutualizing
A broker contract
Mutuals comany coverting to stock compnay
HMO and PPO
Write life - health - property and casualty insurance

5. 3 systesm support sales of insurance
Protect the intrest of policyowners and consumers
Insure people of the same business - ocupation< Dentists>
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Career agency . personal producing general agency. Indipendent agency

6. Stock insurers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Protect the intrest of policyowners and consumers
Risk Retention Group
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

7. Stock and mutural companies
Securities and exchange commission - regulates variable life and annuities
Write life - health - property and casualty insurance
Supplemental Medical Insurance or Medicare
Guarantees claim will be paid if any insurer becomes insolvent

8. NAIC
Insure people of the same business - ocupation< Dentists>
Supplemental Medical Insurance or Medicare
Barred common ownerships of banks - insurance companines
To preservce state regulations of the insurance business

9. Risk Retention group ( RRG)
Guarantees claim will be paid if any insurer becomes insolvent
The insurer
Debit insurers
Insure people of the same business - ocupation< Dentists>

10. Federal goverment
Debit insurers
For military Servicemembers - group life - veterans life - national life
Hospital Insurance
Encourage unifromity in state nsurance laws and regulations

11. State Guaranty Association
Mutuals comany coverting to stock compnay
Guarantees claim will be paid if any insurer becomes insolvent
Stock and mutural companies
Stock company may be converted into mutal company

12. Service providers
Assumes a portion of the risk from another insurer
Encourage unifromity in state nsurance laws and regulations
National association of insurance and financial advisors
Form of service provided by hospitals and physicians

13. HI
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Assist the admin with efficiency in laws
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Hospital Insurance

14. Agents represent
The insurer
Protect the intrest of policyowners and consumers
Write life - health - property and casualty insurance
Direct selling mass marketing

15. Mutualization
Barred common ownerships of banks - insurance companines
Stock company may be converted into mutal company
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

16. Multi-line insurace
Regulates - supervising insurance companies and agents - brokers
Not a service provider
Companies that write more thane one line of insurance
Protect person right to privact

17. RRG
Hospital Insurance
Encourage unifromity in state nsurance laws and regulations
Risk Retention Group
Guarantees claim will be paid if any insurer becomes insolvent

18. PPO
Assumes a portion of the risk from another insurer
Perferred provider organization
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Securities and exchange commission - regulates variable life and annuities

19. HMO
Assist the admin with efficiency in laws
Perferred provider organization
Health maintenance organization
Insure people of the same business - ocupation< Dentists>

20. Commercial insures
Direct selling mass marketing
Mutual - stock - graternal
Stock and mutural companies
To preservce state regulations of the insurance business

21. Industrial insurance
Specialize in particulare type of insurance
national association of health underwriters
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Barred common ownerships of banks - insurance companines

22. LLoyd's of London
Not a service provider
The insurer
HMO and PPO
Insure people of the same business - ocupation< Dentists>

23. Rating system
A++ superior - A- Excellent - ability to meet obligations
Insure people of the same business - ocupation< Dentists>
Guarantees claim will be paid if any insurer becomes insolvent
An agents contract

24. Types of Goverment Insurer
The insurer
Encourage unifromity in state nsurance laws and regulations
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Assist the admin with efficiency in laws

25. Fair credit recording act 1970
Stock company may be converted into mutal company
Protect person right to privact
Many lines of insurance - life - annuitites and car - helth
Mutual - stock - graternal

26. Types of insurers
Mutual - stock - graternal
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Old-age survivors and disability insurance ( social Security)
An agents contract

27. Steps in promote suitable sales
Form of service provided by hospitals and physicians
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Direct selling mass marketing
Securities and exchange commission - regulates variable life and annuities

28. methods of selling insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Perferred provider organization
To preservce state regulations of the insurance business
Direct selling mass marketing

29. Reinsurere is a company that...
Assumes a portion of the risk from another insurer
A++ superior - A- Excellent - ability to meet obligations
Form of service provided by hospitals and physicians
Securities and exchange commission - regulates variable life and annuities

30. Types of insurers
national association of health underwriters
Private and goverment
Assumes a portion of the risk from another insurer
Many lines of insurance - life - annuitites and car - helth

31. Mccarran Ferguson act
Perferred provider organization
Must be nonprofit - maintain form of gov with elected officers
Not a service provider
PUBIC LAW 15 - insruance are state regulated

32. NAIC broad objective #1
Guarantees claim will be paid if any insurer becomes insolvent
Supplemental Medical Insurance or Medicare
Health maintenance organization
Encourage unifromity in state nsurance laws and regulations

33. NAHU
National association of insurance and financial advisors
national association of health underwriters
An agents contract
Assumes a portion of the risk from another insurer

34. OASDI ( SSN)
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
Old-age survivors and disability insurance ( social Security)
An agents contract

35. Lloyds of London
Mutual - stock - graternal
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Debit insurers
Risk Retention Group

36. NAIC broad objective #2
Protect the intrest of policyowners and consumers
Mutual - stock - graternal
Assist the admin with efficiency in laws
Write life - health - property and casualty insurance

37. Types of service providers
Insure people of the same business - ocupation< Dentists>
Perferred provider organization
Write life - health - property and casualty insurance
HMO and PPO

38. Financial service moderinzation act 1999
Form of service provided by hospitals and physicians
For military Servicemembers - group life - veterans life - national life
National association of insurance commissioners
Barred common ownerships of banks - insurance companines

39. SEC
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Securities and exchange commission - regulates variable life and annuities
Debit insurers
Old-age survivors and disability insurance ( social Security)

40. Private insures
Supplemental Medical Insurance or Medicare
Protect person right to privact
Many lines of insurance - life - annuitites and car - helth
National association of insurance and financial advisors

41. An agent has...
Companies that write more thane one line of insurance
An agents contract
National association of insurance commissioners
Assumes a portion of the risk from another insurer

42. Freternal Benefits Societies
Assumes a portion of the risk from another insurer
national association of health underwriters
Must be nonprofit - maintain form of gov with elected officers
Many lines of insurance - life - annuitites and car - helth

43. NAIC broad objective #3
Guarantees claim will be paid if any insurer becomes insolvent
Mutuals comany coverting to stock compnay
National association of insurance and financial advisors
Protect the intrest of policyowners and consumers

44. NAIC
Encourage unifromity in state nsurance laws and regulations
A++ superior - A- Excellent - ability to meet obligations
National association of insurance commissioners
Old-age survivors and disability insurance ( social Security)

45. Types of private insurance
Securities and exchange commission - regulates variable life and annuities
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Assumes a portion of the risk from another insurer
Direct selling mass marketing

46. A broker has...
Protect person right to privact
Old-age survivors and disability insurance ( social Security)
Securities and exchange commission - regulates variable life and annuities
A broker contract

47. SMI
Regulates - supervising insurance companies and agents - brokers
Guarantees claim will be paid if any insurer becomes insolvent
Supplemental Medical Insurance or Medicare
Mutuals comany coverting to stock compnay