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. HI
Direct selling mass marketing
Debit insurers
PUBIC LAW 15 - insruance are state regulated
Hospital Insurance

2. Service providers
Hospital Insurance
A++ superior - A- Excellent - ability to meet obligations
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Form of service provided by hospitals and physicians

3. Mccarran Ferguson act
An agents contract
National association of insurance commissioners
PUBIC LAW 15 - insruance are state regulated
Many lines of insurance - life - annuitites and car - helth

4. Types of insurers
Mutual - stock - graternal
Assist the admin with efficiency in laws
Stock company may be converted into mutal company
Insure people of the same business - ocupation< Dentists>

5. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Securities and exchange commission - regulates variable life and annuities
PUBIC LAW 15 - insruance are state regulated
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

6. Stock insurers
Mutual - stock - graternal
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

7. Agents represent
Not a service provider
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
The insurer
Mutual - stock - graternal

8. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
Securities and exchange commission - regulates variable life and annuities
Assist the admin with efficiency in laws
Mutuals comany coverting to stock compnay

9. NAHU
Health maintenance organization
Securities and exchange commission - regulates variable life and annuities
The insurer
national association of health underwriters

10. A broker has...
A broker contract
Specialize in particulare type of 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>

11. Stock and mutural companies
Write life - health - property and casualty insurance
Health maintenance organization
To preservce state regulations of the insurance business
Hospital Insurance

12. Multi-line insurace
Barred common ownerships of banks - insurance companines
Companies that write more thane one line of insurance
Hospital Insurance
Debit insurers

13. NAIC
To preservce state regulations of the insurance business
Private and goverment
Many lines of insurance - life - annuitites and car - helth
An agents contract

14. Demutualizing
Barred common ownerships of banks - insurance companines
An agents contract
Mutuals comany coverting to stock compnay
Direct selling mass marketing

15. SEC
Securities and exchange commission - regulates variable life and annuities
Direct selling mass marketing
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Perferred provider organization

16. Freternal Benefits Societies
Barred common ownerships of banks - insurance companines
Must be nonprofit - maintain form of gov with elected officers
Mutual - stock - graternal
Guarantees claim will be paid if any insurer becomes insolvent

17. Industrial insurance
Protect the intrest of policyowners and consumers
Specialize in particulare type of insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
A++ superior - A- Excellent - ability to meet obligations

18. State Guaranty Association
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Regulates - supervising insurance companies and agents - brokers
Guarantees claim will be paid if any insurer becomes insolvent
National association of insurance and financial advisors

19. Types of service providers
Direct selling mass marketing
PUBIC LAW 15 - insruance are state regulated
Guarantees claim will be paid if any insurer becomes insolvent
HMO and PPO

20. Reinsurere is a company that...
Direct selling mass marketing
Assumes a portion of the risk from another insurer
Protect the intrest of policyowners and consumers
Must be nonprofit - maintain form of gov with elected officers

21. Types of Goverment Insurer
Career agency . personal producing general agency. Indipendent agency
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Risk Retention Group
Debit insurers

22. Private insures
Many lines of insurance - life - annuitites and car - helth
Assist the admin with efficiency in laws
Health maintenance organization
Companies that write more thane one line of insurance

23. NAIC broad objective #2
Stock and mutural companies
Assist the admin with efficiency in laws
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Mutual - stock - graternal

24. PPO
Encourage unifromity in state nsurance laws and regulations
Regulates - supervising insurance companies and agents - brokers
Perferred provider organization
Securities and exchange commission - regulates variable life and annuities

25. Rating system
Must be nonprofit - maintain form of gov with elected officers
A++ superior - A- Excellent - ability to meet obligations
Direct selling mass marketing
Specialize in particulare type of insurance

26. NAIC broad objective #3
Protect the intrest of policyowners and consumers
Form of service provided by hospitals and physicians
The insurer
Insure people of the same business - ocupation< Dentists>

27. Mutualization
Specialize in particulare type of insurance
Stock company may be converted into mutal company
Insure people of the same business - ocupation< Dentists>
Write life - health - property and casualty insurance

28. Risk Retention group ( RRG)
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Insure people of the same business - ocupation< Dentists>
Supplemental Medical Insurance or Medicare
Stock company may be converted into mutal company

29. LLoyd's of London
HMO and PPO
The insurer
Not a service provider
Stock and mutural companies

30. OASDI ( SSN)
National association of insurance commissioners
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
HMO and PPO
Old-age survivors and disability insurance ( social Security)

31. methods of selling insurance
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Mutual - stock - graternal
Supplemental Medical Insurance or Medicare
Direct selling mass marketing

32. Types of insurers
HMO and PPO
Barred common ownerships of banks - insurance companines
Career agency . personal producing general agency. Indipendent agency
Private and goverment

33. HMO
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Stock company may be converted into mutal company
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Health maintenance organization

34. Fair credit recording act 1970
Private and goverment
Risk Retention Group
Protect person right to privact
The insurer

35. Lloyds of London
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
The insurer
Barred common ownerships of banks - insurance companines

36. NAIC
Insure people of the same business - ocupation< Dentists>
Form of service provided by hospitals and physicians
Stock company may be converted into mutal company
National association of insurance commissioners

37. An agent has...
An agents contract
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Stock and mutural companies

38. NAIFA
Stock and mutural companies
National association of insurance and financial advisors
Assumes a portion of the risk from another insurer
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

39. Commercial insures
Encourage unifromity in state nsurance laws and regulations
Stock and mutural companies
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Guarantees claim will be paid if any insurer becomes insolvent

40. State Regulations
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
For military Servicemembers - group life - veterans life - national life
Risk Retention Group
Regulates - supervising insurance companies and agents - brokers

41. Home service insures
Companies that write more thane one line of insurance
Protect person right to privact
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Debit insurers

42. RRG
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Many lines of insurance - life - annuitites and car - helth
Risk Retention Group
national association of health underwriters

43. 3 systesm support sales of insurance
A++ superior - A- Excellent - ability to meet obligations
Career agency . personal producing general agency. Indipendent agency
Stock company may be converted into mutal company
Form of service provided by hospitals and physicians

44. Types of private insurance
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
Not a service provider
Old-age survivors and disability insurance ( social Security)

45. Federal goverment
The insurer
For military Servicemembers - group life - veterans life - national life
Mutuals comany coverting to stock compnay
Encourage unifromity in state nsurance laws and regulations

46. SMI
Supplemental Medical Insurance or Medicare
Not a service provider
Direct selling mass marketing
Hospital Insurance

47. NAIC broad objective #1
Direct selling mass marketing
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Encourage unifromity in state nsurance laws and regulations
Specialize in particulare type of insurance