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. Types of insurers
Perferred provider organization
Mutual - stock - graternal
Stock company may be converted into mutal company
Must be nonprofit - maintain form of gov with elected officers

2. A broker has...
An agents contract
Private and goverment
A broker contract
Insure people of the same business - ocupation< Dentists>

3. Fair credit recording act 1970
For military Servicemembers - group life - veterans life - national life
Write life - health - property and casualty insurance
Not a service provider
Protect person right to privact

4. Private insures
Mutuals comany coverting to stock compnay
The insurer
Many lines of insurance - life - annuitites and car - helth
Must be nonprofit - maintain form of gov with elected officers

5. NAIC
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Mutuals comany coverting to stock compnay
National association of insurance commissioners
Barred common ownerships of banks - insurance companines

6. Stock insurers
Risk Retention Group
National association of insurance and financial advisors
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

7. NAIC broad objective #1
National association of insurance commissioners
Health maintenance organization
Mutual - stock - graternal
Encourage unifromity in state nsurance laws and regulations

8. Service providers
Form of service provided by hospitals and physicians
Career agency . personal producing general agency. Indipendent agency
Protect the intrest of policyowners and consumers
Debit insurers

9. NAHU
national association of health underwriters
HMO and PPO
Health maintenance organization
Companies that write more thane one line of insurance

10. Freternal Benefits Societies
Must be nonprofit - maintain form of gov with elected officers
Perferred provider organization
Guarantees claim will be paid if any insurer becomes insolvent
For military Servicemembers - group life - veterans life - national life

11. Financial service moderinzation act 1999
Protect person right to privact
Must be nonprofit - maintain form of gov with elected officers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Barred common ownerships of banks - insurance companines

12. Types of insurers
Barred common ownerships of banks - insurance companines
Direct selling mass marketing
Private and goverment
An agents contract

13. An agent has...
Regulates - supervising insurance companies and agents - brokers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
An agents contract
Stock and mutural companies

14. 3 systesm support sales of insurance
Career agency . personal producing general agency. Indipendent agency
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Form of service provided by hospitals and physicians
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

15. Commercial insures
Assumes a portion of the risk from another insurer
Stock and mutural companies
Mutuals comany coverting to stock compnay
Risk Retention Group

16. Multi-line insurace
Old-age survivors and disability insurance ( social Security)
national association of health underwriters
Companies that write more thane one line of insurance
An agents contract

17. State Guaranty Association
Regulates - supervising insurance companies and agents - brokers
national association of health underwriters
Stock and mutural companies
Guarantees claim will be paid if any insurer becomes insolvent

18. Agents represent
Not a service provider
National association of insurance and financial advisors
The insurer
Hospital Insurance

19. Types of service providers
HMO and PPO
Risk Retention Group
Private and goverment
Stock company may be converted into mutal company

20. HMO
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Health maintenance organization
Insure people of the same business - ocupation< Dentists>
Mutual - stock - graternal

21. SEC
Securities and exchange commission - regulates variable life and annuities
Barred common ownerships of banks - insurance companines
Specialize in particulare type of insurance
Stock company may be converted into mutal company

22. methods of selling insurance
PUBIC LAW 15 - insruance are state regulated
Protect the intrest of policyowners and consumers
An agents contract
Direct selling mass marketing

23. Risk Retention group ( RRG)
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
To preservce state regulations of the insurance business
Health maintenance organization
Insure people of the same business - ocupation< Dentists>

24. Mutualization
Many lines of insurance - life - annuitites and car - helth
The insurer
Stock company may be converted into mutal company
Private and goverment

25. NAIC broad objective #2
Assist the admin with efficiency in laws
Must be nonprofit - maintain form of gov with elected officers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
HMO and PPO

26. Mccarran Ferguson act
HMO and PPO
Supplemental Medical Insurance or Medicare
PUBIC LAW 15 - insruance are state regulated
Not a service provider

27. Rating system
Barred common ownerships of banks - insurance companines
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Mutual - stock - graternal
A++ superior - A- Excellent - ability to meet obligations

28. Reinsurere is a company that...
A++ superior - A- Excellent - ability to meet obligations
Assumes a portion of the risk from another insurer
PUBIC LAW 15 - insruance are state regulated
Perferred provider organization

29. Types of Goverment Insurer
A broker contract
The insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Protect person right to privact

30. Types of private insurance
Protect person right to privact
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
An agents contract

31. OASDI ( SSN)
An agents contract
Specialize in particulare type of insurance
Encourage unifromity in state nsurance laws and regulations
Old-age survivors and disability insurance ( social Security)

32. LLoyd's of London
Not a service provider
HMO and PPO
Guarantees claim will be paid if any insurer becomes insolvent
To preservce state regulations of the insurance business

33. PPO
The insurer
Perferred provider organization
Companies that write more thane one line of insurance
Securities and exchange commission - regulates variable life and annuities

34. Federal goverment
Form of service provided by hospitals and physicians
Must be nonprofit - maintain form of gov with elected officers
Companies that write more thane one line of insurance
For military Servicemembers - group life - veterans life - national life

35. Industrial insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Guarantees claim will be paid if any insurer becomes insolvent
An agents contract
Specialize in particulare type of insurance

36. Stock and mutural companies
Write life - health - property and casualty insurance
An agents contract
Career agency . personal producing general agency. Indipendent agency
Stock company may be converted into mutal company

37. HI
Hospital Insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Securities and exchange commission - regulates variable life and annuities
Perferred provider organization

38. SMI
Guarantees claim will be paid if any insurer becomes insolvent
Supplemental Medical Insurance or Medicare
National association of insurance and financial advisors
Hospital Insurance

39. State Regulations
Securities and exchange commission - regulates variable life and annuities
Protect person right to privact
A++ superior - A- Excellent - ability to meet obligations
Regulates - supervising insurance companies and agents - brokers

40. NAIC broad objective #3
Protect the intrest of policyowners and consumers
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
For military Servicemembers - group life - veterans life - national life
Private and goverment

41. Home service insures
Debit insurers
Must be nonprofit - maintain form of gov with elected officers
Form of service provided by hospitals and physicians
Mutual - stock - graternal

42. Steps in promote suitable sales
Protect person right to privact
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Write life - health - property and casualty insurance
A++ superior - A- Excellent - ability to meet obligations

43. NAIC
To preservce state regulations of the insurance business
A++ superior - A- Excellent - ability to meet obligations
Direct selling mass marketing
Perferred provider organization

44. Demutualizing
Specialize in particulare type of insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Debit insurers
Mutuals comany coverting to stock compnay

45. RRG
Guarantees claim will be paid if any insurer becomes insolvent
Risk Retention Group
For military Servicemembers - group life - veterans life - national life
Encourage unifromity in state nsurance laws and regulations

46. Lloyds of London
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
Companies that write more thane one line of insurance
Supplemental Medical Insurance or Medicare

47. NAIFA
PUBIC LAW 15 - insruance are state regulated
National association of insurance and financial advisors
Stock company may be converted into mutal company
Companies that write more thane one line of insurance