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. Industrial insurance
A++ superior - A- Excellent - ability to meet obligations
Protect the intrest of policyowners and consumers
HMO and PPO
Specialize in particulare type of insurance

2. Freternal Benefits Societies
Assist the admin with efficiency in laws
Must be nonprofit - maintain form of gov with elected officers
An agents contract
National association of insurance and financial advisors

3. Financial service moderinzation act 1999
Protect the intrest of policyowners and consumers
Barred common ownerships of banks - insurance companines
To preservce state regulations of the insurance business
Many lines of insurance - life - annuitites and car - helth

4. Stock and mutural companies
Write life - health - property and casualty insurance
National association of insurance commissioners
To preservce state regulations of the insurance business
Supplemental Medical Insurance or Medicare

5. RRG
Risk Retention Group
Hospital Insurance
A++ superior - A- Excellent - ability to meet obligations
Guarantees claim will be paid if any insurer becomes insolvent

6. Mutualization
Mutuals comany coverting to stock compnay
Stock company may be converted into mutal company
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

7. Commercial insures
A broker contract
Assumes a portion of the risk from another insurer
Stock and mutural companies
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

8. Home service insures
Debit insurers
National association of insurance commissioners
Risk Retention Group
Form of service provided by hospitals and physicians

9. NAIC broad objective #3
Stock and mutural companies
Protect the intrest of policyowners and consumers
Assumes a portion of the risk from another insurer
Health maintenance organization

10. Lloyds of London
Career agency . personal producing general agency. Indipendent agency
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Securities and exchange commission - regulates variable life and annuities
Mutuals comany coverting to stock compnay

11. HMO
HMO and PPO
Hospital Insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Health maintenance organization

12. Types of Goverment Insurer
Hospital Insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
To preservce state regulations of the insurance business
Perferred provider organization

13. Rating system
Supplemental Medical Insurance or Medicare
A++ superior - A- Excellent - ability to meet obligations
National association of insurance commissioners
Stock company may be converted into mutal company

14. LLoyd's of London
Protect person right to privact
PUBIC LAW 15 - insruance are state regulated
Not a service provider
Companies that write more thane one line of insurance

15. Risk Retention group ( RRG)
National association of insurance and financial advisors
Insure people of the same business - ocupation< Dentists>
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Health maintenance organization

16. 3 systesm support sales of insurance
The insurer
National association of insurance commissioners
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Career agency . personal producing general agency. Indipendent agency

17. Agents represent
Specialize in particulare type of insurance
The insurer
Form of service provided by hospitals and physicians
National association of insurance commissioners

18. Reinsurere is a company that...
Private and goverment
Assumes a portion of the risk from another insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

19. Service providers
Barred common ownerships of banks - insurance companines
Insure people of the same business - ocupation< Dentists>
HMO and PPO
Form of service provided by hospitals and physicians

20. Fair credit recording act 1970
Supplemental Medical Insurance or Medicare
Protect person right to privact
Must be nonprofit - maintain form of gov with elected officers
Risk Retention Group

21. Types of private insurance
Guarantees claim will be paid if any insurer becomes insolvent
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Career agency . personal producing general agency. Indipendent agency
Barred common ownerships of banks - insurance companines

22. Mccarran Ferguson act
Protect person right to privact
Encourage unifromity in state nsurance laws and regulations
PUBIC LAW 15 - insruance are state regulated
To preservce state regulations of the insurance business

23. Types of insurers
Write life - health - property and casualty insurance
Insure people of the same business - ocupation< Dentists>
Hospital Insurance
Mutual - stock - graternal

24. NAIC broad objective #1
Encourage unifromity in state nsurance laws and regulations
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
National association of insurance and financial advisors
Supplemental Medical Insurance or Medicare

25. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
Supplemental Medical Insurance or Medicare
Regulates - supervising insurance companies and agents - brokers
To preservce state regulations of the insurance business

26. Private insures
Many lines of insurance - life - annuitites and car - helth
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Direct selling mass marketing
A++ superior - A- Excellent - ability to meet obligations

27. SMI
Supplemental Medical Insurance or Medicare
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
Specialize in particulare type of insurance

28. State Guaranty Association
An agents contract
Guarantees claim will be paid if any insurer becomes insolvent
Write life - health - property and casualty insurance
Form of service provided by hospitals and physicians

29. Multi-line insurace
National association of insurance and financial advisors
Direct selling mass marketing
Hospital Insurance
Companies that write more thane one line of insurance

30. HI
Insure people of the same business - ocupation< Dentists>
Mutual - stock - graternal
Hospital Insurance
Encourage unifromity in state nsurance laws and regulations

31. PPO
Direct selling mass marketing
Hospital Insurance
Perferred provider organization
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

32. Steps in promote suitable sales
Hospital Insurance
Old-age survivors and disability insurance ( social Security)
Regulates - supervising insurance companies and agents - brokers
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

33. Federal goverment
For military Servicemembers - group life - veterans life - national life
Barred common ownerships of banks - insurance companines
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Career agency . personal producing general agency. Indipendent agency

34. NAIC broad objective #2
Health maintenance organization
Regulates - supervising insurance companies and agents - brokers
Assist the admin with efficiency in laws
For military Servicemembers - group life - veterans life - national life

35. NAHU
Supplemental Medical Insurance or Medicare
An agents contract
national association of health underwriters
Companies that write more thane one line of insurance

36. A broker has...
Protect the intrest of policyowners and consumers
A broker contract
PUBIC LAW 15 - insruance are state regulated
Protect person right to privact

37. NAIC
Health maintenance organization
National association of insurance commissioners
Encourage unifromity in state nsurance laws and regulations
Perferred provider organization

38. State Regulations
A broker contract
Supplemental Medical Insurance or Medicare
Regulates - supervising insurance companies and agents - brokers
For military Servicemembers - group life - veterans life - national life

39. Types of service providers
Protect person right to privact
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
HMO and PPO
Stock company may be converted into mutal company

40. SEC
Supplemental Medical Insurance or Medicare
Securities and exchange commission - regulates variable life and annuities
Protect person right to privact
Regulates - supervising insurance companies and agents - brokers

41. NAIC
To preservce state regulations of the insurance business
Supplemental Medical Insurance or Medicare
Insure people of the same business - ocupation< Dentists>
Hospital Insurance

42. NAIFA
National association of insurance and financial advisors
Encourage unifromity in state nsurance laws and regulations
Private and goverment
An agents contract

43. Demutualizing
Private and goverment
A++ superior - A- Excellent - ability to meet obligations
Direct selling mass marketing
Mutuals comany coverting to stock compnay

44. Types of insurers
A++ superior - A- Excellent - ability to meet obligations
Private and goverment
Must be nonprofit - maintain form of gov with elected officers
Guarantees claim will be paid if any insurer becomes insolvent

45. methods of selling insurance
Direct selling mass marketing
Protect person right to privact
A++ superior - A- Excellent - ability to meet obligations
Private and goverment

46. Stock insurers
Form of service provided by hospitals and physicians
Private and goverment
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

47. An agent has...
Stock and mutural companies
Private and goverment
Companies that write more thane one line of insurance
An agents contract