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. Demutualizing
Regulates - supervising insurance companies and agents - brokers
Mutuals comany coverting to stock compnay
Stock company may be converted into mutal company
Insure people of the same business - ocupation< Dentists>

2. SEC
Stock and mutural companies
Securities and exchange commission - regulates variable life and annuities
Old-age survivors and disability insurance ( social Security)
Debit insurers

3. Commercial insures
Stock and mutural companies
Securities and exchange commission - regulates variable life and annuities
Debit insurers
Specialize in particulare type of insurance

4. Stock insurers
A++ superior - A- Excellent - ability to meet obligations
Career agency . personal producing general agency. Indipendent agency
A broker contract
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

5. NAIC
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Stock company may be converted into mutal company
The insurer
To preservce state regulations of the insurance business

6. NAIC broad objective #1
Stock company may be converted into mutal company
Write life - health - property and casualty insurance
PUBIC LAW 15 - insruance are state regulated
Encourage unifromity in state nsurance laws and regulations

7. Risk Retention group ( RRG)
National association of insurance and financial advisors
National association of insurance commissioners
Write life - health - property and casualty insurance
Insure people of the same business - ocupation< Dentists>

8. Reinsurere is a company that...
Perferred provider organization
Many lines of insurance - life - annuitites and car - helth
Assumes a portion of the risk from another insurer
Not a service provider

9. Rating system
A++ superior - A- Excellent - ability to meet obligations
National association of insurance commissioners
Risk Retention Group
An agents contract

10. Types of private insurance
Assumes a portion of the risk from another insurer
HMO and PPO
Stock company may be converted into mutal company
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

11. Service providers
national association of health underwriters
Form of service provided by hospitals and physicians
A broker contract
To preservce state regulations of the insurance business

12. PPO
Old-age survivors and disability insurance ( social Security)
A broker contract
To preservce state regulations of the insurance business
Perferred provider organization

13. Mccarran Ferguson act
PUBIC LAW 15 - insruance are state regulated
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
national association of health underwriters
National association of insurance and financial advisors

14. NAIC broad objective #3
Protect the intrest of policyowners and consumers
Perferred provider organization
Old-age survivors and disability insurance ( social Security)
Risk Retention Group

15. NAIFA
PUBIC LAW 15 - insruance are state regulated
Many lines of insurance - life - annuitites and car - helth
Mutual - stock - graternal
National association of insurance and financial advisors

16. Stock and mutural companies
Stock and mutural companies
Write life - health - property and casualty insurance
An agents contract
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

17. SMI
A++ superior - A- Excellent - ability to meet obligations
Supplemental Medical Insurance or Medicare
Debit insurers
Stock and mutural companies

18. HI
The insurer
Old-age survivors and disability insurance ( social Security)
Health maintenance organization
Hospital Insurance

19. Private insures
Protect the intrest of policyowners and consumers
PUBIC LAW 15 - insruance are state regulated
To preservce state regulations of the insurance business
Many lines of insurance - life - annuitites and car - helth

20. 3 systesm support sales of insurance
Protect person right to privact
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Career agency . personal producing general agency. Indipendent agency
Insure people of the same business - ocupation< Dentists>

21. Types of insurers
Mutual - stock - graternal
national association of health underwriters
HMO and PPO
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

22. NAHU
national association of health underwriters
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Encourage unifromity in state nsurance laws and regulations
Guarantees claim will be paid if any insurer becomes insolvent

23. NAIC broad objective #2
Assist the admin with efficiency in laws
Hospital Insurance
Stock company may be converted into mutal company
Mutuals comany coverting to stock compnay

24. Lloyds of London
Encourage unifromity in state nsurance laws and regulations
Supplemental Medical Insurance or Medicare
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Write life - health - property and casualty insurance

25. Fair credit recording act 1970
An agents contract
Private and goverment
Protect person right to privact
Stock and mutural companies

26. State Guaranty Association
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Assumes a portion of the risk from another insurer
Mutuals comany coverting to stock compnay
Guarantees claim will be paid if any insurer becomes insolvent

27. HMO
Perferred provider organization
Private and goverment
Health maintenance organization
National association of insurance commissioners

28. LLoyd's of London
Protect person right to privact
Mutual - stock - graternal
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Not a service provider

29. Agents represent
The insurer
national association of health underwriters
Mutuals comany coverting to stock compnay
Health maintenance organization

30. Federal goverment
Barred common ownerships of banks - insurance companines
For military Servicemembers - group life - veterans life - national life
national association of health underwriters
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

31. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Direct selling mass marketing
Assist the admin with efficiency in laws
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

32. Mutualization
Assumes a portion of the risk from another insurer
Stock company may be converted into mutal company
Guarantees claim will be paid if any insurer becomes insolvent
Private and goverment

33. RRG
Risk Retention Group
Supplemental Medical Insurance or Medicare
Perferred provider organization
National association of insurance commissioners

34. Home service insures
national association of health underwriters
Debit insurers
Specialize in particulare type of insurance
Not a service provider

35. NAIC
Guarantees claim will be paid if any insurer becomes insolvent
National association of insurance commissioners
Specialize in particulare type of insurance
Securities and exchange commission - regulates variable life and annuities

36. Types of Goverment Insurer
National association of insurance and financial advisors
Protect the intrest of policyowners and consumers
Risk Retention Group
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

37. Types of insurers
national association of health underwriters
Private and goverment
Form of service provided by hospitals and physicians
National association of insurance commissioners

38. State Regulations
Regulates - supervising insurance companies and agents - brokers
National association of insurance and financial advisors
national association of health underwriters
Insure people of the same business - ocupation< Dentists>

39. Freternal Benefits Societies
Many lines of insurance - life - annuitites and car - helth
Mutuals comany coverting to stock compnay
An agents contract
Must be nonprofit - maintain form of gov with elected officers

40. methods of selling insurance
Hospital Insurance
Stock company may be converted into mutal company
Direct selling mass marketing
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

41. Industrial insurance
Specialize in particulare type of insurance
Form of service provided by hospitals and physicians
Assist the admin with efficiency in laws
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

42. A broker has...
A broker contract
Old-age survivors and disability insurance ( social Security)
HMO and PPO
Risk Retention Group

43. Types of service providers
Protect person right to privact
Stock and mutural companies
Mutual - stock - graternal
HMO and PPO

44. Multi-line insurace
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Assumes a portion of the risk from another insurer
Companies that write more thane one line of insurance

45. An agent has...
HMO and PPO
Many lines of insurance - life - annuitites and car - helth
An agents contract
Debit insurers

46. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
Form of service provided by hospitals and physicians
Specialize in particulare type of insurance
A++ superior - A- Excellent - ability to meet obligations

47. Financial service moderinzation act 1999
Insure people of the same business - ocupation< Dentists>
Barred common ownerships of banks - insurance companines
Write life - health - property and casualty insurance
Hospital Insurance