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. SMI
A broker contract
National association of insurance and financial advisors
Direct selling mass marketing
Supplemental Medical Insurance or Medicare

2. Risk Retention group ( RRG)
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock company may be converted into mutal company
Encourage unifromity in state nsurance laws and regulations
Insure people of the same business - ocupation< Dentists>

3. Multi-line insurace
Companies that write more thane one line of insurance
Insure people of the same business - ocupation< Dentists>
Must be nonprofit - maintain form of gov with elected officers
Supplemental Medical Insurance or Medicare

4. Reinsurere is a company that...
To preservce state regulations of the insurance business
Supplemental Medical Insurance or Medicare
PUBIC LAW 15 - insruance are state regulated
Assumes a portion of the risk from another insurer

5. Demutualizing
Mutuals comany coverting to stock compnay
Protect person right to privact
For military Servicemembers - group life - veterans life - national life
Specialize in particulare type of insurance

6. Home service insures
Barred common ownerships of banks - insurance companines
Supplemental Medical Insurance or Medicare
Debit insurers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

7. Types of insurers
National association of insurance commissioners
Direct selling mass marketing
A broker contract
Private and goverment

8. Rating system
Must be nonprofit - maintain form of gov with elected officers
Form of service provided by hospitals and physicians
A++ superior - A- Excellent - ability to meet obligations
Securities and exchange commission - regulates variable life and annuities

9. Financial service moderinzation act 1999
Hospital Insurance
Career agency . personal producing general agency. Indipendent agency
Private and goverment
Barred common ownerships of banks - insurance companines

10. Federal goverment
Stock and mutural companies
Mutuals comany coverting to stock compnay
For military Servicemembers - group life - veterans life - national life
HMO and PPO

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

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

13. Freternal Benefits Societies
Companies that write more thane one line of insurance
Assist the admin with efficiency in laws
Stock and mutural companies
Must be nonprofit - maintain form of gov with elected officers

14. Lloyds of London
Protect the intrest of policyowners and consumers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Mutual - stock - graternal
Direct selling mass marketing

15. NAIFA
Career agency . personal producing general agency. Indipendent agency
Hospital Insurance
Assist the admin with efficiency in laws
National association of insurance and financial advisors

16. Service providers
Form of service provided by hospitals and physicians
Specialize in particulare type of insurance
Stock company may be converted into mutal company
Write life - health - property and casualty insurance

17. Private insures
Risk Retention Group
Many lines of insurance - life - annuitites and car - helth
Assist the admin with efficiency in laws
Health maintenance organization

18. Mutualization
National association of insurance and financial advisors
The insurer
Direct selling mass marketing
Stock company may be converted into mutal company

19. NAIC broad objective #2
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
National association of insurance commissioners
Assist the admin with efficiency in laws

20. HMO
Companies that write more thane one line of insurance
Form of service provided by hospitals and physicians
Guarantees claim will be paid if any insurer becomes insolvent
Health maintenance organization

21. NAIC broad objective #3
For military Servicemembers - group life - veterans life - national life
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers
Specialize in particulare type of insurance

22. methods of selling insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Supplemental Medical Insurance or Medicare
Specialize in particulare type of insurance
Direct selling mass marketing

23. SEC
Securities and exchange commission - regulates variable life and annuities
Mutual - stock - graternal
Supplemental Medical Insurance or Medicare
Stock company may be converted into mutal company

24. Agents represent
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
The insurer
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
National association of insurance and financial advisors

25. Types of private insurance
Assumes a portion of the risk from another insurer
Mutual - stock - graternal
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Stock and mutural companies

26. Steps in promote suitable sales
HMO and PPO
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Form of service provided by hospitals and physicians
Health maintenance organization

27. Types of Goverment Insurer
An agents contract
PUBIC LAW 15 - insruance are state regulated
Debit insurers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

28. 3 systesm support sales of insurance
HMO and PPO
Career agency . personal producing general agency. Indipendent agency
Risk Retention Group
Insure people of the same business - ocupation< Dentists>

29. Commercial insures
Barred common ownerships of banks - insurance companines
Protect person right to privact
Stock and mutural companies
Old-age survivors and disability insurance ( social Security)

30. RRG
Risk Retention Group
Assumes a portion of the risk from another insurer
Must be nonprofit - maintain form of gov with elected officers
HMO and PPO

31. Types of service providers
Stock and mutural companies
A broker contract
National association of insurance and financial advisors
HMO and PPO

32. Stock and mutural companies
Write life - health - property and casualty insurance
Encourage unifromity in state nsurance laws and regulations
Perferred provider organization
Specialize in particulare type of insurance

33. Mccarran Ferguson act
Hospital Insurance
An agents contract
PUBIC LAW 15 - insruance are state regulated
Mutuals comany coverting to stock compnay

34. LLoyd's of London
Must be nonprofit - maintain form of gov with elected officers
Assist the admin with efficiency in laws
Not a service provider
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

35. NAHU
Protect person right to privact
Not a service provider
national association of health underwriters
Guarantees claim will be paid if any insurer becomes insolvent

36. State Regulations
Insure people of the same business - ocupation< Dentists>
National association of insurance commissioners
Stock and mutural companies
Regulates - supervising insurance companies and agents - brokers

37. Fair credit recording act 1970
Protect person right to privact
Stock and mutural companies
The insurer
Risk Retention Group

38. NAIC broad objective #1
Insure people of the same business - ocupation< Dentists>
Encourage unifromity in state nsurance laws and regulations
HMO and PPO
Supplemental Medical Insurance or Medicare

39. State Guaranty Association
Guarantees claim will be paid if any insurer becomes insolvent
Barred common ownerships of banks - insurance companines
Mutuals comany coverting to stock compnay
Supplemental Medical Insurance or Medicare

40. Stock insurers
A broker contract
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Old-age survivors and disability insurance ( social Security)
A++ superior - A- Excellent - ability to meet obligations

41. A broker has...
A broker contract
Assumes a portion of the risk from another insurer
National association of insurance commissioners
To preservce state regulations of the insurance business

42. An agent has...
A++ superior - A- Excellent - ability to meet obligations
An agents contract
Old-age survivors and disability insurance ( social Security)
Risk Retention Group

43. NAIC
Private and goverment
Many lines of insurance - life - annuitites and car - helth
A++ superior - A- Excellent - ability to meet obligations
To preservce state regulations of the insurance business

44. OASDI ( SSN)
Debit insurers
Protect the intrest of policyowners and consumers
Old-age survivors and disability insurance ( social Security)
Guarantees claim will be paid if any insurer becomes insolvent

45. Industrial insurance
Risk Retention Group
Mutuals comany coverting to stock compnay
Many lines of insurance - life - annuitites and car - helth
Specialize in particulare type of insurance

46. PPO
Supplemental Medical Insurance or Medicare
Protect person right to privact
Perferred provider organization
national association of health underwriters

47. HI
Regulates - supervising insurance companies and agents - brokers
Stock and mutural companies
Hospital Insurance
The insurer