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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. 3 systesm support sales of insurance
Health maintenance organization
Assumes a portion of the risk from another insurer
Companies that write more thane one line of insurance
Career agency . personal producing general agency. Indipendent agency

2. SEC
Old-age survivors and disability insurance ( social Security)
Supplemental Medical Insurance or Medicare
Private and goverment
Securities and exchange commission - regulates variable life and annuities

3. Private insures
Must be nonprofit - maintain form of gov with elected officers
Risk Retention Group
Many lines of insurance - life - annuitites and car - helth
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

4. Mutualization
Stock company may be converted into mutal company
Private and goverment
Hospital Insurance
National association of insurance and financial advisors

5. Federal goverment
Assist the admin with efficiency in laws
Specialize in particulare type of insurance
For military Servicemembers - group life - veterans life - national life
Perferred provider organization

6. PPO
Perferred provider organization
Barred common ownerships of banks - insurance companines
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Risk Retention Group

7. Types of insurers
Mutual - stock - graternal
national association of health underwriters
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Protect person right to privact

8. Fair credit recording act 1970
A broker contract
Mutuals comany coverting to stock compnay
Protect person right to privact
Mutual - stock - graternal

9. State Guaranty Association
Debit insurers
Stock company may be converted into mutal company
Guarantees claim will be paid if any insurer becomes insolvent
Barred common ownerships of banks - insurance companines

10. NAIC
Guarantees claim will be paid if any insurer becomes insolvent
Companies that write more thane one line of insurance
National association of insurance commissioners
Not a service provider

11. Lloyds of London
Guarantees claim will be paid if any insurer becomes insolvent
Barred common ownerships of banks - insurance companines
Many lines of insurance - life - annuitites and car - helth
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

12. Financial service moderinzation act 1999
To preservce state regulations of the insurance business
Barred common ownerships of banks - insurance companines
Stock company may be converted into mutal company
Perferred provider organization

13. NAIC broad objective #1
Write life - health - property and casualty insurance
Encourage unifromity in state nsurance laws and regulations
Hospital Insurance
Protect the intrest of policyowners and consumers

14. Commercial insures
Direct selling mass marketing
The insurer
Stock and mutural companies
Not a service provider

15. NAHU
national association of health underwriters
Assumes a portion of the risk from another insurer
Career agency . personal producing general agency. Indipendent agency
Mutuals comany coverting to stock compnay

16. Service providers
Form of service provided by hospitals and physicians
An agents contract
Career agency . personal producing general agency. Indipendent agency
Securities and exchange commission - regulates variable life and annuities

17. NAIC
national association of health underwriters
Many lines of insurance - life - annuitites and car - helth
To preservce state regulations of the insurance business
Protect the intrest of policyowners and consumers

18. Stock and mutural companies
Insure people of the same business - ocupation< Dentists>
Many lines of insurance - life - annuitites and car - helth
Write life - health - property and casualty insurance
The insurer

19. State Regulations
Must be nonprofit - maintain form of gov with elected officers
Regulates - supervising insurance companies and agents - brokers
Companies that write more thane one line of insurance
Protect the intrest of policyowners and consumers

20. Demutualizing
A++ superior - A- Excellent - ability to meet obligations
Career agency . personal producing general agency. Indipendent agency
Regulates - supervising insurance companies and agents - brokers
Mutuals comany coverting to stock compnay

21. Risk Retention group ( RRG)
Insure people of the same business - ocupation< Dentists>
Companies that write more thane one line of insurance
The insurer
Protect the intrest of policyowners and consumers

22. Stock insurers
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Securities and exchange commission - regulates variable life and annuities
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Specialize in particulare type of insurance

23. Multi-line insurace
The insurer
Companies that write more thane one line of insurance
Write life - health - property and casualty insurance
Direct selling mass marketing

24. NAIC broad objective #3
Assist the admin with efficiency in laws
Hospital Insurance
Insure people of the same business - ocupation< Dentists>
Protect the intrest of policyowners and consumers

25. LLoyd's of London
Hospital Insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Regulates - supervising insurance companies and agents - brokers
Not a service provider

26. Home service insures
Private and goverment
Mutuals comany coverting to stock compnay
Protect person right to privact
Debit insurers

27. Types of service providers
Assumes a portion of the risk from another insurer
Encourage unifromity in state nsurance laws and regulations
HMO and PPO
Career agency . personal producing general agency. Indipendent agency

28. Agents represent
Insure people of the same business - ocupation< Dentists>
Risk Retention Group
Barred common ownerships of banks - insurance companines
The insurer

29. Industrial insurance
Assist the admin with efficiency in laws
Specialize in particulare type of insurance
Old-age survivors and disability insurance ( social Security)
Not a service provider

30. An agent has...
Form of service provided by hospitals and physicians
An agents contract
Mutuals comany coverting to stock compnay
Protect person right to privact

31. Types of Goverment Insurer
Protect the intrest of policyowners and consumers
Specialize in particulare type of insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Many lines of insurance - life - annuitites and car - helth

32. Types of insurers
Regulates - supervising insurance companies and agents - brokers
Private and goverment
Mutuals comany coverting to stock compnay
National association of insurance commissioners

33. NAIC broad objective #2
Private and goverment
To preservce state regulations of the insurance business
A broker contract
Assist the admin with efficiency in laws

34. RRG
Protect the intrest of policyowners and consumers
Stock company may be converted into mutal company
Risk Retention Group
Must be nonprofit - maintain form of gov with elected officers

35. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Health maintenance organization
Form of service provided by hospitals and physicians

36. Rating system
PUBIC LAW 15 - insruance are state regulated
Write life - health - property and casualty insurance
A++ superior - A- Excellent - ability to meet obligations
Form of service provided by hospitals and physicians

37. Reinsurere is a company that...
Assumes a portion of the risk from another insurer
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
A++ superior - A- Excellent - ability to meet obligations
Old-age survivors and disability insurance ( social Security)

38. Freternal Benefits Societies
Specialize in particulare type of insurance
For military Servicemembers - group life - veterans life - national life
An agents contract
Must be nonprofit - maintain form of gov with elected officers

39. OASDI ( SSN)
Stock company may be converted into mutal company
Many lines of insurance - life - annuitites and car - helth
Old-age survivors and disability insurance ( social Security)
Barred common ownerships of banks - insurance companines

40. A broker has...
A broker contract
The insurer
Direct selling mass marketing
Form of service provided by hospitals and physicians

41. HI
Hospital Insurance
Insure people of the same business - ocupation< Dentists>
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

42. methods of selling insurance
Insure people of the same business - ocupation< Dentists>
Guarantees claim will be paid if any insurer becomes insolvent
Form of service provided by hospitals and physicians
Direct selling mass marketing

43. Types of private insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Debit insurers
Mutuals comany coverting to stock compnay
Guarantees claim will be paid if any insurer becomes insolvent

44. SMI
Not a service provider
To preservce state regulations of the insurance business
National association of insurance commissioners
Supplemental Medical Insurance or Medicare

45. Mccarran Ferguson act
PUBIC LAW 15 - insruance are state regulated
HMO and PPO
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

46. HMO
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Private and goverment
Insure people of the same business - ocupation< Dentists>
Health maintenance organization

47. NAIFA
National association of insurance and financial advisors
PUBIC LAW 15 - insruance are state regulated
A++ superior - A- Excellent - ability to meet obligations
Write life - health - property and casualty insurance