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. Types of insurers
Protect the intrest of policyowners and consumers
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Mutual - stock - graternal
Guarantees claim will be paid if any insurer becomes insolvent

2. Types of insurers
Private and goverment
Direct selling mass marketing
Specialize in particulare type of insurance
Mutual - stock - graternal

3. RRG
For military Servicemembers - group life - veterans life - national life
Specialize in particulare type of insurance
National association of insurance and financial advisors
Risk Retention Group

4. Service providers
An agents contract
Form of service provided by hospitals and physicians
Supplemental Medical Insurance or Medicare
National association of insurance and financial advisors

5. methods of selling insurance
To preservce state regulations of the insurance business
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Direct selling mass marketing
Health maintenance organization

6. Agents represent
Specialize in particulare type of insurance
Assumes a portion of the risk from another insurer
Protect the intrest of policyowners and consumers
The insurer

7. Stock and mutural companies
Write life - health - property and casualty insurance
Guarantees claim will be paid if any insurer becomes insolvent
PUBIC LAW 15 - insruance are state regulated
Old-age survivors and disability insurance ( social Security)

8. NAHU
Risk Retention Group
Debit insurers
Guarantees claim will be paid if any insurer becomes insolvent
national association of health underwriters

9. An agent has...
A broker contract
An agents contract
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

10. Commercial insures
National association of insurance commissioners
For military Servicemembers - group life - veterans life - national life
Stock and mutural companies
Private and goverment

11. Types of service providers
HMO and PPO
Barred common ownerships of banks - insurance companines
Stock company may be converted into mutal company
National association of insurance and financial advisors

12. Types of private insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
For military Servicemembers - group life - veterans life - national life
Mutual - stock - graternal
Securities and exchange commission - regulates variable life and annuities

13. A broker has...
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Protect the intrest of policyowners and consumers
The insurer
A broker contract

14. HMO
Stock company may be converted into mutal company
Mutual - stock - graternal
Health maintenance organization
national association of health underwriters

15. Private insures
Many lines of insurance - life - annuitites and car - helth
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Risk Retention Group
An agents contract

16. Freternal Benefits Societies
Must be nonprofit - maintain form of gov with elected officers
Protect person right to privact
Mutual - stock - graternal
Supplemental Medical Insurance or Medicare

17. NAIFA
Barred common ownerships of banks - insurance companines
National association of insurance and financial advisors
Protect person right to privact
Perferred provider organization

18. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
The insurer
Protect the intrest of policyowners and consumers

19. NAIC broad objective #3
For military Servicemembers - group life - veterans life - national life
Protect the intrest of policyowners and consumers
The insurer
Must be nonprofit - maintain form of gov with elected officers

20. HI
An agents contract
Hospital Insurance
Assumes a portion of the risk from another insurer
Insure people of the same business - ocupation< Dentists>

21. Lloyds of London
Insure people of the same business - ocupation< Dentists>
Protect the intrest of policyowners and consumers
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Direct selling mass marketing

22. Mutualization
Stock company may be converted into mutal company
Barred common ownerships of banks - insurance companines
Risk Retention Group
Must be nonprofit - maintain form of gov with elected officers

23. NAIC broad objective #1
Assumes a portion of the risk from another insurer
Encourage unifromity in state nsurance laws and regulations
Hospital Insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

24. Types of Goverment Insurer
Assumes a portion of the risk from another insurer
National association of insurance commissioners
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Old-age survivors and disability insurance ( social Security)

25. Stock insurers
Stock company may be converted into mutal company
Companies that write more thane one line of insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Debit insurers

26. Industrial insurance
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Specialize in particulare type of insurance
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

27. Multi-line insurace
Supplemental Medical Insurance or Medicare
Health maintenance organization
Companies that write more thane one line of insurance
Specialize in particulare type of insurance

28. SEC
Private and goverment
HMO and PPO
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Securities and exchange commission - regulates variable life and annuities

29. Risk Retention group ( RRG)
Insure people of the same business - ocupation< Dentists>
Guarantees claim will be paid if any insurer becomes insolvent
For military Servicemembers - group life - veterans life - national life
Protect the intrest of policyowners and consumers

30. PPO
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Many lines of insurance - life - annuitites and car - helth
Must be nonprofit - maintain form of gov with elected officers
Perferred provider organization

31. Home service insures
Not a service provider
Debit insurers
Stock company may be converted into mutal company
Old-age survivors and disability insurance ( social Security)

32. Demutualizing
Mutuals comany coverting to stock compnay
Not a service provider
Specialize in particulare type of insurance
Career agency . personal producing general agency. Indipendent agency

33. 3 systesm support sales of insurance
Protect person right to privact
Regulates - supervising insurance companies and agents - brokers
Write life - health - property and casualty insurance
Career agency . personal producing general agency. Indipendent agency

34. NAIC broad objective #2
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Direct selling mass marketing
Assist the admin with efficiency in laws
Debit insurers

35. Mccarran Ferguson act
Regulates - supervising insurance companies and agents - brokers
PUBIC LAW 15 - insruance are state regulated
To preservce state regulations of the insurance business
Companies that write more thane one line of insurance

36. State Guaranty Association
Protect the intrest of policyowners and consumers
national association of health underwriters
A broker contract
Guarantees claim will be paid if any insurer becomes insolvent

37. OASDI ( SSN)
Protect person right to privact
Form of service provided by hospitals and physicians
Assumes a portion of the risk from another insurer
Old-age survivors and disability insurance ( social Security)

38. Reinsurere is a company that...
Write life - health - property and casualty insurance
Form of service provided by hospitals and physicians
Assumes a portion of the risk from another insurer
Supplemental Medical Insurance or Medicare

39. State Regulations
Write life - health - property and casualty insurance
Debit insurers
Regulates - supervising insurance companies and agents - brokers
Hospital Insurance

40. LLoyd's of London
A++ superior - A- Excellent - ability to meet obligations
national association of health underwriters
Not a service provider
Mutual - stock - graternal

41. SMI
Stock company may be converted into mutal company
Supplemental Medical Insurance or Medicare
Risk Retention Group
Health maintenance organization

42. Rating system
National association of insurance and financial advisors
A++ superior - A- Excellent - ability to meet obligations
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Guarantees claim will be paid if any insurer becomes insolvent

43. Fair credit recording act 1970
Protect person right to privact
Hospital Insurance
For military Servicemembers - group life - veterans life - national life
Not a service provider

44. Steps in promote suitable sales
Health maintenance organization
Old-age survivors and disability insurance ( social Security)
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Insure people of the same business - ocupation< Dentists>

45. NAIC
National association of insurance commissioners
Stock company may be converted into mutal company
national association of health underwriters
Protect the intrest of policyowners and consumers

46. NAIC
Old-age survivors and disability insurance ( social Security)
To preservce state regulations of the insurance business
national association of health underwriters
National association of insurance commissioners

47. Federal goverment
Assist the admin with efficiency in laws
For military Servicemembers - group life - veterans life - national life
The insurer
Mutuals comany coverting to stock compnay