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. Financial service moderinzation act 1999
Direct selling mass marketing
Barred common ownerships of banks - insurance companines
Debit insurers
Companies that write more thane one line of insurance

2. NAIC broad objective #2
Supplemental Medical Insurance or Medicare
national association of health underwriters
Stock company may be converted into mutal company
Assist the admin with efficiency in laws

3. NAIC broad objective #3
Assist the admin with efficiency in laws
Perferred provider organization
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers

4. Commercial insures
A broker contract
Assist the admin with efficiency in laws
Stock and mutural companies
The insurer

5. NAIC
Hospital Insurance
Career agency . personal producing general agency. Indipendent agency
Guarantees claim will be paid if any insurer becomes insolvent
To preservce state regulations of the insurance business

6. Mccarran Ferguson act
Protect person right to privact
Encourage unifromity in state nsurance laws and regulations
Mutual - stock - graternal
PUBIC LAW 15 - insruance are state regulated

7. HMO
National association of insurance commissioners
Health maintenance organization
Mutuals comany coverting to stock compnay
Direct selling mass marketing

8. Fair credit recording act 1970
To preservce state regulations of the insurance business
Protect person right to privact
Hospital Insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

9. NAIC
An agents contract
Stock and mutural companies
Assumes a portion of the risk from another insurer
National association of insurance commissioners

10. Agents represent
The insurer
Direct selling mass marketing
national association of health underwriters
National association of insurance commissioners

11. NAHU
Assist the admin with efficiency in laws
Mutuals comany coverting to stock compnay
national association of health underwriters
HMO and PPO

12. Types of insurers
A++ superior - A- Excellent - ability to meet obligations
Private and goverment
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Form of service provided by hospitals and physicians

13. Risk Retention group ( RRG)
National association of insurance commissioners
A++ superior - A- Excellent - ability to meet obligations
Insure people of the same business - ocupation< Dentists>
Many lines of insurance - life - annuitites and car - helth

14. A broker has...
Mutuals comany coverting to stock compnay
A broker contract
Direct selling mass marketing
National association of insurance commissioners

15. NAIFA
Private and goverment
Direct selling mass marketing
National association of insurance and financial advisors
Mutual - stock - graternal

16. LLoyd's of London
A broker contract
Hospital Insurance
Barred common ownerships of banks - insurance companines
Not a service provider

17. State Guaranty Association
Old-age survivors and disability insurance ( social Security)
Specialize in particulare type of insurance
The insurer
Guarantees claim will be paid if any insurer becomes insolvent

18. Types of service providers
To preservce state regulations of the insurance business
Direct selling mass marketing
Securities and exchange commission - regulates variable life and annuities
HMO and PPO

19. HI
An agents contract
National association of insurance commissioners
Hospital Insurance
HMO and PPO

20. PPO
Health maintenance organization
Perferred provider organization
Assumes a portion of the risk from another insurer
Form of service provided by hospitals and physicians

21. OASDI ( SSN)
Career agency . personal producing general agency. Indipendent agency
Form of service provided by hospitals and physicians
Old-age survivors and disability insurance ( social Security)
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

22. Types of insurers
Securities and exchange commission - regulates variable life and annuities
Mutual - stock - graternal
Protect person right to privact
Companies that write more thane one line of insurance

23. Freternal Benefits Societies
Health maintenance organization
Securities and exchange commission - regulates variable life and annuities
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Must be nonprofit - maintain form of gov with elected officers

24. Types of private insurance
Career agency . personal producing general agency. Indipendent agency
Stock company may be converted into mutal company
Not a service provider
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

25. Stock and mutural companies
Protect the intrest of policyowners and consumers
National association of insurance and financial advisors
Write life - health - property and casualty insurance
Assist the admin with efficiency in laws

26. RRG
Risk Retention Group
Direct selling mass marketing
HMO and PPO
Old-age survivors and disability insurance ( social Security)

27. Stock insurers
A++ superior - A- Excellent - ability to meet obligations
Must be nonprofit - maintain form of gov with elected officers
Specialize in particulare type of insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

28. Industrial insurance
Hospital Insurance
Specialize in particulare type of insurance
Not a service provider
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

29. NAIC broad objective #1
Stock and mutural companies
Encourage unifromity in state nsurance laws and regulations
Risk Retention Group
Must be nonprofit - maintain form of gov with elected officers

30. Private insures
Must be nonprofit - maintain form of gov with elected officers
Many lines of insurance - life - annuitites and car - helth
For military Servicemembers - group life - veterans life - national life
Old-age survivors and disability insurance ( social Security)

31. State Regulations
Mutual - stock - graternal
Protect person right to privact
Assumes a portion of the risk from another insurer
Regulates - supervising insurance companies and agents - brokers

32. An agent has...
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
HMO and PPO
Mutuals comany coverting to stock compnay
An agents contract

33. Mutualization
Stock company may be converted into mutal company
Mutuals comany coverting to stock compnay
A++ superior - A- Excellent - ability to meet obligations
Perferred provider organization

34. Steps in promote suitable sales
A broker contract
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Not a service provider
An agents contract

35. Rating system
An agents contract
Assist the admin with efficiency in laws
A++ superior - A- Excellent - ability to meet obligations
Barred common ownerships of banks - insurance companines

36. SEC
Securities and exchange commission - regulates variable life and annuities
A broker contract
Stock company may be converted into mutal company
Insure people of the same business - ocupation< Dentists>

37. SMI
Supplemental Medical Insurance or Medicare
Assist the admin with efficiency in laws
The insurer
Old-age survivors and disability insurance ( social Security)

38. Home service insures
Debit insurers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Not a service provider
The insurer

39. Lloyds of London
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
The insurer
Direct selling mass marketing

40. Federal goverment
For military Servicemembers - group life - veterans life - national life
Risk Retention Group
HMO and PPO
Protect person right to privact

41. Demutualizing
An agents contract
Perferred provider organization
Mutuals comany coverting to stock compnay
Direct selling mass marketing

42. Service providers
Form of service provided by hospitals and physicians
Old-age survivors and disability insurance ( social Security)
Health maintenance organization
Not a service provider

43. Multi-line insurace
Insure people of the same business - ocupation< Dentists>
Barred common ownerships of banks - insurance companines
Protect person right to privact
Companies that write more thane one line of insurance

44. Reinsurere is a company that...
Direct selling mass marketing
Guarantees claim will be paid if any insurer becomes insolvent
Assumes a portion of the risk from another insurer
Protect person right to privact

45. 3 systesm support sales of insurance
To preservce state regulations of the insurance business
HMO and PPO
Direct selling mass marketing
Career agency . personal producing general agency. Indipendent agency

46. Types of Goverment Insurer
Must be nonprofit - maintain form of gov with elected officers
Mutual - stock - graternal
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Protect the intrest of policyowners and consumers

47. methods of selling insurance
Health maintenance organization
Barred common ownerships of banks - insurance companines
Direct selling mass marketing
Perferred provider organization