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. SEC
Career agency . personal producing general agency. Indipendent agency
Mutuals comany coverting to stock compnay
Securities and exchange commission - regulates variable life and annuities
Encourage unifromity in state nsurance laws and regulations

2. NAIC broad objective #2
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Debit insurers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Assist the admin with efficiency in laws

3. Types of insurers
Old-age survivors and disability insurance ( social Security)
Private and goverment
For military Servicemembers - group life - veterans life - national life
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

4. Demutualizing
Risk Retention Group
HMO and PPO
An agents contract
Mutuals comany coverting to stock compnay

5. Private insures
Many lines of insurance - life - annuitites and car - helth
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Guarantees claim will be paid if any insurer becomes insolvent
For military Servicemembers - group life - veterans life - national life

6. Multi-line insurace
Protect person right to privact
Companies that write more thane one line of insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Regulates - supervising insurance companies and agents - brokers

7. HI
Perferred provider organization
Hospital Insurance
An agents contract
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

8. Types of Goverment Insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Form of service provided by hospitals and physicians
Mutuals comany coverting to stock compnay
Write life - health - property and casualty insurance

9. Lloyds of London
Companies that write more thane one line of insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Private and goverment
To preservce state regulations of the insurance business

10. Rating system
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
HMO and PPO
Old-age survivors and disability insurance ( social Security)
A++ superior - A- Excellent - ability to meet obligations

11. RRG
Write life - health - property and casualty insurance
For military Servicemembers - group life - veterans life - national life
Insure people of the same business - ocupation< Dentists>
Risk Retention Group

12. Types of private insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
An agents contract
Protect person right to privact
National association of insurance commissioners

13. Freternal Benefits Societies
Risk Retention Group
Must be nonprofit - maintain form of gov with elected officers
A broker contract
Guarantees claim will be paid if any insurer becomes insolvent

14. methods of selling insurance
Stock and mutural companies
To preservce state regulations of the insurance business
Direct selling mass marketing
Write life - health - property and casualty insurance

15. Commercial insures
Stock and mutural companies
Private and goverment
Encourage unifromity in state nsurance laws and regulations
Assist the admin with efficiency in laws

16. NAIC
An agents contract
Insure people of the same business - ocupation< Dentists>
Must be nonprofit - maintain form of gov with elected officers
To preservce state regulations of the insurance business

17. NAIC broad objective #3
Securities and exchange commission - regulates variable life and annuities
Protect the intrest of policyowners and consumers
Health maintenance organization
Insure people of the same business - ocupation< Dentists>

18. Home service insures
Guarantees claim will be paid if any insurer becomes insolvent
Debit insurers
To preservce state regulations of the insurance business
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

19. HMO
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Health maintenance organization
Companies that write more thane one line of insurance
National association of insurance and financial advisors

20. PPO
PUBIC LAW 15 - insruance are state regulated
Not a service provider
Perferred provider organization
Private and goverment

21. Agents represent
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
HMO and PPO
The insurer
A++ superior - A- Excellent - ability to meet obligations

22. 3 systesm support sales of insurance
PUBIC LAW 15 - insruance are state regulated
Stock and mutural companies
Career agency . personal producing general agency. Indipendent agency
Regulates - supervising insurance companies and agents - brokers

23. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Assist the admin with efficiency in laws
To preservce state regulations of the insurance business
Protect the intrest of policyowners and consumers

24. Stock and mutural companies
Health maintenance organization
Write life - health - property and casualty insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
An agents contract

25. NAIFA
Write life - health - property and casualty insurance
Assumes a portion of the risk from another insurer
PUBIC LAW 15 - insruance are state regulated
National association of insurance and financial advisors

26. Federal goverment
Career agency . personal producing general agency. Indipendent agency
Perferred provider organization
For military Servicemembers - group life - veterans life - national life
Protect person right to privact

27. Types of service providers
HMO and PPO
A broker contract
For military Servicemembers - group life - veterans life - national life
Mutual - stock - graternal

28. State Regulations
Hospital Insurance
Regulates - supervising insurance companies and agents - brokers
A++ superior - A- Excellent - ability to meet obligations
Insure people of the same business - ocupation< Dentists>

29. Types of insurers
National association of insurance and financial advisors
National association of insurance commissioners
Must be nonprofit - maintain form of gov with elected officers
Mutual - stock - graternal

30. Industrial insurance
Health maintenance organization
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Supplemental Medical Insurance or Medicare
Specialize in particulare type of insurance

31. Mccarran Ferguson act
Stock and mutural companies
To preservce state regulations of the insurance business
PUBIC LAW 15 - insruance are state regulated
Private and goverment

32. Reinsurere is a company that...
Form of service provided by hospitals and physicians
Guarantees claim will be paid if any insurer becomes insolvent
Assumes a portion of the risk from another insurer
Mutual - stock - graternal

33. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
Encourage unifromity in state nsurance laws and regulations
National association of insurance and financial advisors
Risk Retention Group

34. NAIC
Guarantees claim will be paid if any insurer becomes insolvent
Hospital Insurance
Encourage unifromity in state nsurance laws and regulations
National association of insurance commissioners

35. SMI
Hospital Insurance
Supplemental Medical Insurance or Medicare
Private and goverment
National association of insurance and financial advisors

36. State Guaranty Association
Mutuals comany coverting to stock compnay
national association of health underwriters
Guarantees claim will be paid if any insurer becomes insolvent
Supplemental Medical Insurance or Medicare

37. NAIC broad objective #1
Securities and exchange commission - regulates variable life and annuities
Assist the admin with efficiency in laws
Encourage unifromity in state nsurance laws and regulations
Insure people of the same business - ocupation< Dentists>

38. Stock insurers
Many lines of insurance - life - annuitites and car - helth
Barred common ownerships of banks - insurance companines
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
For military Servicemembers - group life - veterans life - national life

39. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
An agents contract
national association of health underwriters
Protect person right to privact

40. LLoyd's of London
HMO and PPO
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Not a service provider
Encourage unifromity in state nsurance laws and regulations

41. A broker has...
Old-age survivors and disability insurance ( social Security)
Assist the admin with efficiency in laws
A broker contract
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

42. Mutualization
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
Companies that write more thane one line of insurance
Assumes a portion of the risk from another insurer

43. Fair credit recording act 1970
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Protect the intrest of policyowners and consumers
Protect person right to privact
A++ superior - A- Excellent - ability to meet obligations

44. Service providers
Guarantees claim will be paid if any insurer becomes insolvent
Debit insurers
The insurer
Form of service provided by hospitals and physicians

45. Risk Retention group ( RRG)
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Insure people of the same business - ocupation< Dentists>
Supplemental Medical Insurance or Medicare
Barred common ownerships of banks - insurance companines

46. NAHU
Assist the admin with efficiency in laws
A++ superior - A- Excellent - ability to meet obligations
national association of health underwriters
Form of service provided by hospitals and physicians

47. An agent has...
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Form of service provided by hospitals and physicians
National association of insurance commissioners
An agents contract