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. Commercial insures
Assumes a portion of the risk from another insurer
Stock company may be converted into mutal company
Companies that write more thane one line of insurance
Stock and mutural companies

2. An agent has...
Debit insurers
Risk Retention Group
An agents contract
Health maintenance organization

3. Steps in promote suitable sales
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Hospital Insurance
Protect the intrest of policyowners and consumers
National association of insurance commissioners

4. SMI
HMO and PPO
Supplemental Medical Insurance or Medicare
Assist the admin with efficiency in laws
Not a service provider

5. Lloyds of London
Specialize in particulare type of insurance
Many lines of insurance - life - annuitites and car - helth
national association of health underwriters
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

6. Private insures
Guarantees claim will be paid if any insurer becomes insolvent
Barred common ownerships of banks - insurance companines
Stock and mutural companies
Many lines of insurance - life - annuitites and car - helth

7. 3 systesm support sales of insurance
Form of service provided by hospitals and physicians
Guarantees claim will be paid if any insurer becomes insolvent
Career agency . personal producing general agency. Indipendent agency
Old-age survivors and disability insurance ( social Security)

8. RRG
Supplemental Medical Insurance or Medicare
Risk Retention Group
Assist the admin with efficiency in laws
Direct selling mass marketing

9. Demutualizing
Mutuals comany coverting to stock compnay
Protect person right to privact
Career agency . personal producing general agency. Indipendent agency
Assumes a portion of the risk from another insurer

10. Types of insurers
PUBIC LAW 15 - insruance are state regulated
Private and goverment
Form of service provided by hospitals and physicians
Barred common ownerships of banks - insurance companines

11. Federal goverment
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
For military Servicemembers - group life - veterans life - national life
Career agency . personal producing general agency. Indipendent agency
Stock and mutural companies

12. State Regulations
Stock and mutural companies
Mutual - stock - graternal
For military Servicemembers - group life - veterans life - national life
Regulates - supervising insurance companies and agents - brokers

13. Stock insurers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Supplemental Medical Insurance or Medicare
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Protect person right to privact

14. Types of insurers
A++ superior - A- Excellent - ability to meet obligations
To preservce state regulations of the insurance business
Career agency . personal producing general agency. Indipendent agency
Mutual - stock - graternal

15. OASDI ( SSN)
Mutual - stock - graternal
Securities and exchange commission - regulates variable life and annuities
Assist the admin with efficiency in laws
Old-age survivors and disability insurance ( social Security)

16. Agents represent
The insurer
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Debit insurers
HMO and PPO

17. NAIC
Not a service provider
Perferred provider organization
To preservce state regulations of the insurance business
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

18. Types of private insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Insure people of the same business - ocupation< Dentists>
national association of health underwriters
Hospital Insurance

19. Home service insures
Many lines of insurance - life - annuitites and car - helth
For military Servicemembers - group life - veterans life - national life
Debit insurers
Guarantees claim will be paid if any insurer becomes insolvent

20. methods of selling insurance
Direct selling mass marketing
National association of insurance and financial advisors
Form of service provided by hospitals and physicians
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

21. Financial service moderinzation act 1999
Insure people of the same business - ocupation< Dentists>
Barred common ownerships of banks - insurance companines
Mutuals comany coverting to stock compnay
National association of insurance and financial advisors

22. Freternal Benefits Societies
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
Private and goverment

23. Stock and mutural companies
Write life - health - property and casualty insurance
Perferred provider organization
Regulates - supervising insurance companies and agents - brokers
National association of insurance commissioners

24. Types of service providers
Supplemental Medical Insurance or Medicare
Must be nonprofit - maintain form of gov with elected officers
Specialize in particulare type of insurance
HMO and PPO

25. A broker has...
Assumes a portion of the risk from another insurer
Regulates - supervising insurance companies and agents - brokers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
A broker contract

26. Reinsurere is a company that...
Many lines of insurance - life - annuitites and car - helth
National association of insurance commissioners
Regulates - supervising insurance companies and agents - brokers
Assumes a portion of the risk from another insurer

27. NAIC
The insurer
For military Servicemembers - group life - veterans life - national life
Specialize in particulare type of insurance
National association of insurance commissioners

28. Risk Retention group ( RRG)
National association of insurance commissioners
The insurer
Insure people of the same business - ocupation< Dentists>
Health maintenance organization

29. Industrial insurance
Must be nonprofit - maintain form of gov with elected officers
Career agency . personal producing general agency. Indipendent agency
Specialize in particulare type of insurance
Risk Retention Group

30. NAIFA
national association of health underwriters
For military Servicemembers - group life - veterans life - national life
National association of insurance and financial advisors
A++ superior - A- Excellent - ability to meet obligations

31. Mccarran Ferguson act
Assist the admin with efficiency in laws
PUBIC LAW 15 - insruance are state regulated
Many lines of insurance - life - annuitites and car - helth
A broker contract

32. State Guaranty Association
Guarantees claim will be paid if any insurer becomes insolvent
Stock and mutural companies
Write life - health - property and casualty insurance
Risk Retention Group

33. HMO
Encourage unifromity in state nsurance laws and regulations
A broker contract
Health maintenance organization
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

34. NAIC broad objective #1
Stock and mutural companies
Encourage unifromity in state nsurance laws and regulations
To preservce state regulations of the insurance business
PUBIC LAW 15 - insruance are state regulated

35. NAIC broad objective #3
Protect the intrest of policyowners and consumers
Barred common ownerships of banks - insurance companines
Form of service provided by hospitals and physicians
Mutual - stock - graternal

36. NAIC broad objective #2
Securities and exchange commission - regulates variable life and annuities
Protect person right to privact
Assist the admin with efficiency in laws
Debit insurers

37. Types of Goverment Insurer
A broker contract
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Encourage unifromity in state nsurance laws and regulations
Health maintenance organization

38. SEC
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
National association of insurance and financial advisors
Securities and exchange commission - regulates variable life and annuities
Career agency . personal producing general agency. Indipendent agency

39. Service providers
Debit insurers
Assumes a portion of the risk from another insurer
Private and goverment
Form of service provided by hospitals and physicians

40. Fair credit recording act 1970
Protect person right to privact
National association of insurance commissioners
The insurer
Companies that write more thane one line of insurance

41. LLoyd's of London
Stock and mutural companies
Not a service provider
Perferred provider organization
National association of insurance commissioners

42. Multi-line insurace
Regulates - supervising insurance companies and agents - brokers
Companies that write more thane one line of insurance
Debit insurers
Barred common ownerships of banks - insurance companines

43. NAHU
Guarantees claim will be paid if any insurer becomes insolvent
An agents contract
national association of health underwriters
Old-age survivors and disability insurance ( social Security)

44. Rating system
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
A++ superior - A- Excellent - ability to meet obligations
A broker contract
Write life - health - property and casualty insurance

45. PPO
Perferred provider organization
Mutuals comany coverting to stock compnay
Protect the intrest of policyowners and consumers
Old-age survivors and disability insurance ( social Security)

46. Mutualization
Stock company may be converted into mutal company
Not a service provider
An agents contract
A++ superior - A- Excellent - ability to meet obligations

47. HI
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Hospital Insurance
Health maintenance organization
Must be nonprofit - maintain form of gov with elected officers