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
Supplemental Medical Insurance or Medicare
Must be nonprofit - maintain form of gov with elected officers
Perferred provider organization
Mutuals comany coverting to stock compnay

2. Multi-line insurace
Companies that write more thane one line of insurance
To preservce state regulations of the insurance business
Health maintenance organization
Write life - health - property and casualty insurance

3. A broker has...
A broker contract
Regulates - supervising insurance companies and agents - brokers
Many lines of insurance - life - annuitites and car - helth
Must be nonprofit - maintain form of gov with elected officers

4. Federal goverment
Hospital Insurance
For military Servicemembers - group life - veterans life - national life
Not a service provider
Insure people of the same business - ocupation< Dentists>

5. Steps in promote suitable sales
Perferred provider organization
Stock company may be converted into mutal company
Barred common ownerships of banks - insurance companines
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

6. OASDI ( SSN)
Old-age survivors and disability insurance ( social Security)
Mutual - stock - graternal
Protect person right to privact
Not a service provider

7. SEC
Encourage unifromity in state nsurance laws and regulations
Insure people of the same business - ocupation< Dentists>
To preservce state regulations of the insurance business
Securities and exchange commission - regulates variable life and annuities

8. NAIC broad objective #3
Debit insurers
Protect the intrest of policyowners and consumers
Form of service provided by hospitals and physicians
Specialize in particulare type of insurance

9. Agents represent
Must be nonprofit - maintain form of gov with elected officers
Stock and mutural companies
Regulates - supervising insurance companies and agents - brokers
The insurer

10. RRG
The insurer
An agents contract
Risk Retention Group
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

11. NAIC broad objective #1
Encourage unifromity in state nsurance laws and regulations
Mutual - stock - graternal
Guarantees claim will be paid if any insurer becomes insolvent
Regulates - supervising insurance companies and agents - brokers

12. An agent has...
Perferred provider organization
Not a service provider
An agents contract
For military Servicemembers - group life - veterans life - national life

13. NAIC
The insurer
National association of insurance commissioners
A++ superior - A- Excellent - ability to meet obligations
Securities and exchange commission - regulates variable life and annuities

14. Private insures
Barred common ownerships of banks - insurance companines
Many lines of insurance - life - annuitites and car - helth
Supplemental Medical Insurance or Medicare
HMO and PPO

15. HMO
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Health maintenance organization
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Hospital Insurance

16. Rating system
Many lines of insurance - life - annuitites and car - helth
A++ superior - A- Excellent - ability to meet obligations
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Assist the admin with efficiency in laws

17. Home service insures
Assumes a portion of the risk from another insurer
Hospital Insurance
Private and goverment
Debit insurers

18. methods of selling insurance
Mutual - stock - graternal
Direct selling mass marketing
Securities and exchange commission - regulates variable life and annuities
To preservce state regulations of the insurance business

19. NAIC broad objective #2
Career agency . personal producing general agency. Indipendent agency
Stock and mutural companies
Assist the admin with efficiency in laws
A++ superior - A- Excellent - ability to meet obligations

20. Service providers
Hospital Insurance
Mutuals comany coverting to stock compnay
Companies that write more thane one line of insurance
Form of service provided by hospitals and physicians

21. Types of private insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Insure people of the same business - ocupation< Dentists>
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Must be nonprofit - maintain form of gov with elected officers

22. State Regulations
Debit insurers
Assumes a portion of the risk from another insurer
Companies that write more thane one line of insurance
Regulates - supervising insurance companies and agents - brokers

23. Types of insurers
Write life - health - property and casualty insurance
Assist the admin with efficiency in laws
Mutual - stock - graternal
Direct selling mass marketing

24. 3 systesm support sales of insurance
Career agency . personal producing general agency. Indipendent agency
Many lines of insurance - life - annuitites and car - helth
Assist the admin with efficiency in laws
Securities and exchange commission - regulates variable life and annuities

25. NAHU
national association of health underwriters
A broker contract
Stock and mutural companies
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

26. Risk Retention group ( RRG)
Old-age survivors and disability insurance ( social Security)
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Hospital Insurance
Insure people of the same business - ocupation< Dentists>

27. NAIFA
Companies that write more thane one line of insurance
Mutuals comany coverting to stock compnay
National association of insurance and financial advisors
For military Servicemembers - group life - veterans life - national life

28. Reinsurere is a company that...
National association of insurance commissioners
Specialize in particulare type of insurance
Assumes a portion of the risk from another insurer
National association of insurance and financial advisors

29. Types of Goverment Insurer
Specialize in particulare type of insurance
Regulates - supervising insurance companies and agents - brokers
Mutuals comany coverting to stock compnay
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

30. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
A broker contract
Companies that write more thane one line of insurance
Debit insurers

31. LLoyd's of London
Mutual - stock - graternal
Not a service provider
Stock company may be converted into mutal company
A++ superior - A- Excellent - ability to meet obligations

32. Industrial insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Specialize in particulare type of insurance
Perferred provider organization
National association of insurance and financial advisors

33. HI
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Companies that write more thane one line of insurance
Hospital Insurance
Guarantees claim will be paid if any insurer becomes insolvent

34. PPO
Must be nonprofit - maintain form of gov with elected officers
Many lines of insurance - life - annuitites and car - helth
Health maintenance organization
Perferred provider organization

35. Fair credit recording act 1970
Private and goverment
Protect person right to privact
A broker contract
To preservce state regulations of the insurance business

36. Commercial insures
Stock and mutural companies
A broker contract
National association of insurance commissioners
Protect the intrest of policyowners and consumers

37. Types of insurers
PUBIC LAW 15 - insruance are state regulated
A broker contract
National association of insurance and financial advisors
Private and goverment

38. Lloyds of London
Old-age survivors and disability insurance ( social Security)
Guarantees claim will be paid if any insurer becomes insolvent
Career agency . personal producing general agency. Indipendent agency
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

39. State Guaranty Association
Private and goverment
Guarantees claim will be paid if any insurer becomes insolvent
Old-age survivors and disability insurance ( social Security)
Form of service provided by hospitals and physicians

40. NAIC
The insurer
Stock company may be converted into mutal company
Form of service provided by hospitals and physicians
To preservce state regulations of the insurance business

41. Stock insurers
HMO and PPO
Regulates - supervising insurance companies and agents - brokers
Career agency . personal producing general agency. Indipendent agency
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

42. Stock and mutural companies
Guarantees claim will be paid if any insurer becomes insolvent
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Write life - health - property and casualty insurance
Direct selling mass marketing

43. Demutualizing
Securities and exchange commission - regulates variable life and annuities
Mutuals comany coverting to stock compnay
Assist the admin with efficiency in laws
Regulates - supervising insurance companies and agents - brokers

44. Types of service providers
HMO and PPO
Old-age survivors and disability insurance ( social Security)
A broker contract
Career agency . personal producing general agency. Indipendent agency

45. Mutualization
Form of service provided by hospitals and physicians
Stock company may be converted into mutal company
Perferred provider organization
National association of insurance and financial advisors

46. Mccarran Ferguson act
Supplemental Medical Insurance or Medicare
Assist the admin with efficiency in laws
A broker contract
PUBIC LAW 15 - insruance are state regulated

47. Freternal Benefits Societies
Must be nonprofit - maintain form of gov with elected officers
Regulates - supervising insurance companies and agents - brokers
Mutual - stock - graternal
Hospital Insurance