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. State Regulations
Risk Retention Group
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
National association of insurance commissioners
Regulates - supervising insurance companies and agents - brokers

2. NAIC broad objective #3
PUBIC LAW 15 - insruance are state regulated
Protect the intrest of policyowners and consumers
Securities and exchange commission - regulates variable life and annuities
Assist the admin with efficiency in laws

3. Types of insurers
Private and goverment
The insurer
Write life - health - property and casualty insurance
Stock and mutural companies

4. Reinsurere is a company that...
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Assumes a portion of the risk from another insurer
Risk Retention Group
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

5. NAIC broad objective #2
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Assist the admin with efficiency in laws
For military Servicemembers - group life - veterans life - national life
National association of insurance and financial advisors

6. PPO
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Encourage unifromity in state nsurance laws and regulations
Mutuals comany coverting to stock compnay
Perferred provider organization

7. Stock and mutural companies
Regulates - supervising insurance companies and agents - brokers
To preservce state regulations of the insurance business
Write life - health - property and casualty insurance
Must be nonprofit - maintain form of gov with elected officers

8. State Guaranty Association
Guarantees claim will be paid if any insurer becomes insolvent
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Private and goverment
Career agency . personal producing general agency. Indipendent agency

9. A broker has...
The insurer
A++ superior - A- Excellent - ability to meet obligations
A broker contract
Supplemental Medical Insurance or Medicare

10. 3 systesm support sales of insurance
Mutuals comany coverting to stock compnay
Old-age survivors and disability insurance ( social Security)
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Career agency . personal producing general agency. Indipendent agency

11. Types of insurers
Must be nonprofit - maintain form of gov with elected officers
Guarantees claim will be paid if any insurer becomes insolvent
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Mutual - stock - graternal

12. NAIFA
Stock and mutural companies
Barred common ownerships of banks - insurance companines
An agents contract
National association of insurance and financial advisors

13. Federal goverment
For military Servicemembers - group life - veterans life - national life
Assumes a portion of the risk from another insurer
Supplemental Medical Insurance or Medicare
Must be nonprofit - maintain form of gov with elected officers

14. SEC
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Supplemental Medical Insurance or Medicare
Guarantees claim will be paid if any insurer becomes insolvent
Securities and exchange commission - regulates variable life and annuities

15. OASDI ( SSN)
Securities and exchange commission - regulates variable life and annuities
Form of service provided by hospitals and physicians
Assumes a portion of the risk from another insurer
Old-age survivors and disability insurance ( social Security)

16. Agents represent
The insurer
Protect person right to privact
Write life - health - property and casualty insurance
Companies that write more thane one line of insurance

17. methods of selling insurance
Barred common ownerships of banks - insurance companines
Mutuals comany coverting to stock compnay
Direct selling mass marketing
National association of insurance and financial advisors

18. Multi-line insurace
Companies that write more thane one line of insurance
Insure people of the same business - ocupation< Dentists>
HMO and PPO
Protect the intrest of policyowners and consumers

19. Stock insurers
Form of service provided by hospitals and physicians
Debit insurers
Assist the admin with efficiency in laws
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

20. Mccarran Ferguson act
PUBIC LAW 15 - insruance are state regulated
Career agency . personal producing general agency. Indipendent agency
Old-age survivors and disability insurance ( social Security)
To preservce state regulations of the insurance business

21. RRG
national association of health underwriters
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Risk Retention Group
National association of insurance commissioners

22. Fair credit recording act 1970
Companies that write more thane one line of insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Protect person right to privact
Must be nonprofit - maintain form of gov with elected officers

23. LLoyd's of London
Risk Retention Group
Not a service provider
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
PUBIC LAW 15 - insruance are state regulated

24. Rating system
Career agency . personal producing general agency. Indipendent agency
Direct selling mass marketing
A++ superior - A- Excellent - ability to meet obligations
Guarantees claim will be paid if any insurer becomes insolvent

25. Private insures
Stock and mutural companies
Many lines of insurance - life - annuitites and car - helth
A++ superior - A- Excellent - ability to meet obligations
Debit insurers

26. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Perferred provider organization
Encourage unifromity in state nsurance laws and regulations
National association of insurance and financial advisors

27. NAIC broad objective #1
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Encourage unifromity in state nsurance laws and regulations
National association of insurance and financial advisors
Mutual - stock - graternal

28. NAIC
Mutuals comany coverting to stock compnay
National association of insurance commissioners
Hospital Insurance
Stock and mutural companies

29. An agent has...
Protect the intrest of policyowners and consumers
An agents contract
Perferred provider organization
Regulates - supervising insurance companies and agents - brokers

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

31. Types of private insurance
Barred common ownerships of banks - insurance companines
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
The insurer
Mutuals comany coverting to stock compnay

32. NAHU
Stock company may be converted into mutal company
national association of health underwriters
Companies that write more thane one line of insurance
Stock and mutural companies

33. Mutualization
Mutuals comany coverting to stock compnay
Barred common ownerships of banks - insurance companines
Supplemental Medical Insurance or Medicare
Stock company may be converted into mutal company

34. Freternal Benefits Societies
Stock company may be converted into mutal company
Health maintenance organization
Must be nonprofit - maintain form of gov with elected officers
Mutual - stock - graternal

35. Industrial insurance
Regulates - supervising insurance companies and agents - brokers
Specialize in particulare type of insurance
Health maintenance organization
A++ superior - A- Excellent - ability to meet obligations

36. Commercial insures
Debit insurers
For military Servicemembers - group life - veterans life - national life
National association of insurance and financial advisors
Stock and mutural companies

37. Service providers
Form of service provided by hospitals and physicians
Supplemental Medical Insurance or Medicare
Write life - health - property and casualty insurance
Hospital Insurance

38. Risk Retention group ( RRG)
A broker contract
Career agency . personal producing general agency. Indipendent agency
PUBIC LAW 15 - insruance are state regulated
Insure people of the same business - ocupation< Dentists>

39. Lloyds of London
Risk Retention Group
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
An agents contract

40. Types of service providers
HMO and PPO
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers
Private and goverment

41. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
Securities and exchange commission - regulates variable life and annuities
Mutual - stock - graternal
Protect person right to privact

42. NAIC
Hospital Insurance
Assumes a portion of the risk from another insurer
Guarantees claim will be paid if any insurer becomes insolvent
To preservce state regulations of the insurance business

43. HI
Hospital Insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Stock company may be converted into mutal company
Regulates - supervising insurance companies and agents - brokers

44. Home service insures
For military Servicemembers - group life - veterans life - national life
Health maintenance organization
Debit insurers
An agents contract

45. Demutualizing
A broker contract
Regulates - supervising insurance companies and agents - brokers
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers

46. HMO
A++ superior - A- Excellent - ability to meet obligations
Regulates - supervising insurance companies and agents - brokers
Health maintenance organization
A broker contract

47. Types of Goverment Insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
National association of insurance and financial advisors
Specialize in particulare type of insurance
Must be nonprofit - maintain form of gov with elected officers