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. SEC
Assist the admin with efficiency in laws
Securities and exchange commission - regulates variable life and annuities
A broker contract
national association of health underwriters

2. methods of selling insurance
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Direct selling mass marketing
Risk Retention Group
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

3. PPO
Guarantees claim will be paid if any insurer becomes insolvent
PUBIC LAW 15 - insruance are state regulated
Perferred provider organization
For military Servicemembers - group life - veterans life - national life

4. RRG
Protect person right to privact
Risk Retention Group
national association of health underwriters
National association of insurance and financial advisors

5. Commercial insures
The insurer
Stock and mutural companies
An agents contract
Direct selling mass marketing

6. NAIC broad objective #3
Stock and mutural companies
Mutual - stock - graternal
Regulates - supervising insurance companies and agents - brokers
Protect the intrest of policyowners and consumers

7. NAIC broad objective #1
PUBIC LAW 15 - insruance are state regulated
Direct selling mass marketing
Encourage unifromity in state nsurance laws and regulations
Mutuals comany coverting to stock compnay

8. Agents represent
national association of health underwriters
Regulates - supervising insurance companies and agents - brokers
Stock company may be converted into mutal company
The insurer

9. Service providers
Form of service provided by hospitals and physicians
Must be nonprofit - maintain form of gov with elected officers
National association of insurance and financial advisors
Debit insurers

10. A broker has...
The insurer
A broker contract
Career agency . personal producing general agency. Indipendent agency
PUBIC LAW 15 - insruance are state regulated

11. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
Career agency . personal producing general agency. Indipendent agency
National association of insurance commissioners
national association of health underwriters

12. Types of insurers
Insure people of the same business - ocupation< Dentists>
Private and goverment
Hospital Insurance
Old-age survivors and disability insurance ( social Security)

13. Steps in promote suitable sales
Private and goverment
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Securities and exchange commission - regulates variable life and annuities
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

14. Stock and mutural companies
Encourage unifromity in state nsurance laws and regulations
Write life - health - property and casualty insurance
An agents contract
Regulates - supervising insurance companies and agents - brokers

15. Federal goverment
Specialize in particulare type of insurance
Perferred provider organization
For military Servicemembers - group life - veterans life - national life
National association of insurance and financial advisors

16. Types of private insurance
Stock and mutural companies
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Hospital Insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

17. NAHU
To preservce state regulations of the insurance business
national association of health underwriters
Specialize in particulare type of insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

18. HI
A broker contract
Hospital Insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
national association of health underwriters

19. Demutualizing
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Encourage unifromity in state nsurance laws and regulations
Mutuals comany coverting to stock compnay
A++ superior - A- Excellent - ability to meet obligations

20. Rating system
A++ superior - A- Excellent - ability to meet obligations
For military Servicemembers - group life - veterans life - national life
Private and goverment
PUBIC LAW 15 - insruance are state regulated

21. Mccarran Ferguson act
Career agency . personal producing general agency. Indipendent agency
Securities and exchange commission - regulates variable life and annuities
National association of insurance and financial advisors
PUBIC LAW 15 - insruance are state regulated

22. NAIC broad objective #2
A++ superior - A- Excellent - ability to meet obligations
Write life - health - property and casualty insurance
Assist the admin with efficiency in laws
HMO and PPO

23. 3 systesm support sales of insurance
Supplemental Medical Insurance or Medicare
Regulates - supervising insurance companies and agents - brokers
Barred common ownerships of banks - insurance companines
Career agency . personal producing general agency. Indipendent agency

24. Private insures
Assist the admin with efficiency in laws
Protect the intrest of policyowners and consumers
Many lines of insurance - life - annuitites and car - helth
For military Servicemembers - group life - veterans life - national life

25. Home service insures
Stock and mutural companies
PUBIC LAW 15 - insruance are state regulated
Debit insurers
Protect the intrest of policyowners and consumers

26. Lloyds of London
Not a service provider
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Assumes a portion of the risk from another insurer
Securities and exchange commission - regulates variable life and annuities

27. Types of Goverment Insurer
Insure people of the same business - ocupation< Dentists>
Supplemental Medical Insurance or Medicare
Must be nonprofit - maintain form of gov with elected officers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

28. Risk Retention group ( RRG)
Insure people of the same business - ocupation< Dentists>
Regulates - supervising insurance companies and agents - brokers
To preservce state regulations of the insurance business
National association of insurance and financial advisors

29. Mutualization
Stock company may be converted into mutal company
Protect the intrest of policyowners and consumers
HMO and PPO
Guarantees claim will be paid if any insurer becomes insolvent

30. HMO
To preservce state regulations of the insurance business
Health maintenance organization
Old-age survivors and disability insurance ( social Security)
Stock and mutural companies

31. State Regulations
HMO and PPO
Regulates - supervising insurance companies and agents - brokers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Protect person right to privact

32. OASDI ( SSN)
Barred common ownerships of banks - insurance companines
Old-age survivors and disability insurance ( social Security)
Securities and exchange commission - regulates variable life and annuities
National association of insurance commissioners

33. LLoyd's of London
Regulates - supervising insurance companies and agents - brokers
Not a service provider
An agents contract
PUBIC LAW 15 - insruance are state regulated

34. Types of service providers
National association of insurance commissioners
HMO and PPO
Must be nonprofit - maintain form of gov with elected officers
Mutuals comany coverting to stock compnay

35. NAIC
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
Hospital Insurance
National association of insurance commissioners

36. NAIFA
Insure people of the same business - ocupation< Dentists>
National association of insurance and financial advisors
Guarantees claim will be paid if any insurer becomes insolvent
Must be nonprofit - maintain form of gov with elected officers

37. Freternal Benefits Societies
Insure people of the same business - ocupation< Dentists>
Must be nonprofit - maintain form of gov with elected officers
Securities and exchange commission - regulates variable life and annuities
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

38. Fair credit recording act 1970
Protect person right to privact
Perferred provider organization
Form of service provided by hospitals and physicians
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

39. State Guaranty Association
Guarantees claim will be paid if any insurer becomes insolvent
Securities and exchange commission - regulates variable life and annuities
A broker contract
Assumes a portion of the risk from another insurer

40. Industrial insurance
A broker contract
Specialize in particulare type of insurance
To preservce state regulations of the insurance business
Debit insurers

41. Reinsurere is a company that...
Assumes a portion of the risk from another insurer
Form of service provided by hospitals and physicians
Direct selling mass marketing
For military Servicemembers - group life - veterans life - national life

42. An agent has...
Insure people of the same business - ocupation< Dentists>
To preservce state regulations of the insurance business
An agents contract
Old-age survivors and disability insurance ( social Security)

43. Stock insurers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
The insurer
Perferred provider organization
Barred common ownerships of banks - insurance companines

44. SMI
Form of service provided by hospitals and physicians
Supplemental Medical Insurance or Medicare
Barred common ownerships of banks - insurance companines
Insure people of the same business - ocupation< Dentists>

45. Types of insurers
HMO and PPO
Mutual - stock - graternal
Stock company may be converted into mutal company
Barred common ownerships of banks - insurance companines

46. NAIC
To preservce state regulations of the insurance business
The insurer
Career agency . personal producing general agency. Indipendent agency
Old-age survivors and disability insurance ( social Security)

47. Multi-line insurace
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Companies that write more thane one line of insurance
Securities and exchange commission - regulates variable life and annuities