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. Mutualization
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Regulates - supervising insurance companies and agents - brokers
The insurer
Stock company may be converted into mutal company

2. RRG
Protect the intrest of policyowners and consumers
national association of health underwriters
Risk Retention Group
Hospital Insurance

3. NAIC
Direct selling mass marketing
Assumes a portion of the risk from another insurer
National association of insurance commissioners
Barred common ownerships of banks - insurance companines

4. OASDI ( SSN)
Private and goverment
Old-age survivors and disability insurance ( social Security)
Assist the admin with efficiency in laws
Stock and mutural companies

5. State Regulations
Stock company may be converted into mutal company
Regulates - supervising insurance companies and agents - brokers
national association of health underwriters
Career agency . personal producing general agency. Indipendent agency

6. Multi-line insurace
Insure people of the same business - ocupation< Dentists>
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
To preservce state regulations of the insurance business
Companies that write more thane one line of insurance

7. Rating system
A++ superior - A- Excellent - ability to meet obligations
National association of insurance and financial advisors
Mutual - stock - graternal
Hospital Insurance

8. Demutualizing
Mutuals comany coverting to stock compnay
National association of insurance and financial advisors
To preservce state regulations of the insurance business
Debit insurers

9. NAIC
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
National association of insurance and financial advisors
To preservce state regulations of the insurance business
Form of service provided by hospitals and physicians

10. methods of selling insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Direct selling mass marketing
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Stock company may be converted into mutal company

11. Types of insurers
A++ superior - A- Excellent - ability to meet obligations
Private and goverment
Form of service provided by hospitals and physicians
Protect the intrest of policyowners and consumers

12. Home service insures
Hospital Insurance
Debit insurers
Old-age survivors and disability insurance ( social Security)
HMO and PPO

13. NAIFA
Health maintenance organization
Barred common ownerships of banks - insurance companines
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
National association of insurance and financial advisors

14. Private insures
Specialize in particulare type of insurance
Guarantees claim will be paid if any insurer becomes insolvent
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Many lines of insurance - life - annuitites and car - helth

15. NAIC broad objective #2
Assist the admin with efficiency in laws
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers
Write life - health - property and casualty insurance

16. State Guaranty Association
Form of service provided by hospitals and physicians
PUBIC LAW 15 - insruance are state regulated
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Guarantees claim will be paid if any insurer becomes insolvent

17. Steps in promote suitable sales
Assist the admin with efficiency in laws
The insurer
Protect the intrest of policyowners and consumers
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

18. Service providers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Form of service provided by hospitals and physicians
National association of insurance and financial advisors
Regulates - supervising insurance companies and agents - brokers

19. An agent has...
National association of insurance commissioners
Supplemental Medical Insurance or Medicare
An agents contract
Regulates - supervising insurance companies and agents - brokers

20. Fair credit recording act 1970
Protect person right to privact
Encourage unifromity in state nsurance laws and regulations
Insure people of the same business - ocupation< Dentists>
Regulates - supervising insurance companies and agents - brokers

21. Freternal Benefits Societies
Must be nonprofit - maintain form of gov with elected officers
Barred common ownerships of banks - insurance companines
A broker contract
National association of insurance and financial advisors

22. Reinsurere is a company that...
Guarantees claim will be paid if any insurer becomes insolvent
Must be nonprofit - maintain form of gov with elected officers
Barred common ownerships of banks - insurance companines
Assumes a portion of the risk from another insurer

23. Stock and mutural companies
Many lines of insurance - life - annuitites and car - helth
Write life - health - property and casualty insurance
Protect person right to privact
Career agency . personal producing general agency. Indipendent agency

24. Financial service moderinzation act 1999
Regulates - supervising insurance companies and agents - brokers
Barred common ownerships of banks - insurance companines
Assist the admin with efficiency in laws
Many lines of insurance - life - annuitites and car - helth

25. Types of Goverment Insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Form of service provided by hospitals and physicians
national association of health underwriters
Old-age survivors and disability insurance ( social Security)

26. SEC
Assist the admin with efficiency in laws
Securities and exchange commission - regulates variable life and annuities
Private and goverment
Risk Retention Group

27. Types of insurers
Must be nonprofit - maintain form of gov with elected officers
Write life - health - property and casualty insurance
Assumes a portion of the risk from another insurer
Mutual - stock - graternal

28. Stock insurers
Career agency . personal producing general agency. Indipendent agency
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Guarantees claim will be paid if any insurer becomes insolvent
Not a service provider

29. Types of private insurance
Protect person right to privact
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Form of service provided by hospitals and physicians
Not a service provider

30. Types of service providers
Hospital Insurance
HMO and PPO
Assist the admin with efficiency in laws
Guarantees claim will be paid if any insurer becomes insolvent

31. Lloyds of London
Guarantees claim will be paid if any insurer becomes insolvent
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
national association of health underwriters

32. NAIC broad objective #1
Form of service provided by hospitals and physicians
Write life - health - property and casualty insurance
Encourage unifromity in state nsurance laws and regulations
Assist the admin with efficiency in laws

33. Risk Retention group ( RRG)
For military Servicemembers - group life - veterans life - national life
National association of insurance and financial advisors
Insure people of the same business - ocupation< Dentists>
Form of service provided by hospitals and physicians

34. Agents represent
The insurer
National association of insurance commissioners
Companies that write more thane one line of insurance
Perferred provider organization

35. Mccarran Ferguson act
Encourage unifromity in state nsurance laws and regulations
The insurer
PUBIC LAW 15 - insruance are state regulated
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

36. Commercial insures
For military Servicemembers - group life - veterans life - national life
Encourage unifromity in state nsurance laws and regulations
Stock and mutural companies
Assist the admin with efficiency in laws

37. Federal goverment
For military Servicemembers - group life - veterans life - national life
Protect the intrest of policyowners and consumers
Must be nonprofit - maintain form of gov with elected officers
HMO and PPO

38. HI
Debit insurers
HMO and PPO
Hospital Insurance
Not a service provider

39. Industrial insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Specialize in particulare type of insurance
Direct selling mass marketing
Perferred provider organization

40. SMI
Protect person right to privact
Regulates - supervising insurance companies and agents - brokers
Mutuals comany coverting to stock compnay
Supplemental Medical Insurance or Medicare

41. NAHU
Barred common ownerships of banks - insurance companines
Stock company may be converted into mutal company
national association of health underwriters
Hospital Insurance

42. A broker has...
A broker contract
A++ superior - A- Excellent - ability to meet obligations
national association of health underwriters
Form of service provided by hospitals and physicians

43. NAIC broad objective #3
Securities and exchange commission - regulates variable life and annuities
Write life - health - property and casualty insurance
Protect the intrest of policyowners and consumers
A broker contract

44. PPO
Companies that write more thane one line of insurance
Perferred provider organization
Old-age survivors and disability insurance ( social Security)
Must be nonprofit - maintain form of gov with elected officers

45. LLoyd's of London
Not a service provider
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
To preservce state regulations of the insurance business
Specialize in particulare type of insurance

46. 3 systesm support sales of insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Career agency . personal producing general agency. Indipendent agency
HMO and PPO
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

47. HMO
Direct selling mass marketing
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Health maintenance organization
Write life - health - property and casualty insurance