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. NAIC broad objective #1
Regulates - supervising insurance companies and agents - brokers
Protect the intrest of policyowners and consumers
national association of health underwriters
Encourage unifromity in state nsurance laws and regulations

2. OASDI ( SSN)
Debit insurers
Specialize in particulare type of insurance
PUBIC LAW 15 - insruance are state regulated
Old-age survivors and disability insurance ( social Security)

3. Rating system
HMO and PPO
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Direct selling mass marketing
A++ superior - A- Excellent - ability to meet obligations

4. Stock insurers
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Assist the admin with efficiency in laws
Old-age survivors and disability insurance ( social Security)
Encourage unifromity in state nsurance laws and regulations

5. State Regulations
Regulates - supervising insurance companies and agents - brokers
Private and goverment
Insure people of the same business - ocupation< Dentists>
Risk Retention Group

6. NAIFA
National association of insurance and financial advisors
An agents contract
Stock company may be converted into mutal company
A++ superior - A- Excellent - ability to meet obligations

7. Private insures
Write life - health - property and casualty insurance
Many lines of insurance - life - annuitites and car - helth
Perferred provider organization
Protect person right to privact

8. Lloyds of London
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Private and goverment
HMO and PPO
Direct selling mass marketing

9. PPO
Stock company may be converted into mutal company
A++ superior - A- Excellent - ability to meet obligations
Perferred provider organization
Securities and exchange commission - regulates variable life and annuities

10. Federal goverment
Mutual - stock - graternal
Perferred provider organization
For military Servicemembers - group life - veterans life - national life
Not a service provider

11. NAIC broad objective #2
Assist the admin with efficiency in laws
Protect person right to privact
Career agency . personal producing general agency. Indipendent agency
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure

12. LLoyd's of London
National association of insurance commissioners
Not a service provider
national association of health underwriters
Mutual - stock - graternal

13. Industrial insurance
Hospital Insurance
HMO and PPO
Specialize in particulare type of insurance
Stock and mutural companies

14. Stock and mutural companies
Securities and exchange commission - regulates variable life and annuities
Old-age survivors and disability insurance ( social Security)
For military Servicemembers - group life - veterans life - national life
Write life - health - property and casualty insurance

15. Reinsurere is a company that...
Guarantees claim will be paid if any insurer becomes insolvent
Assumes a portion of the risk from another insurer
PUBIC LAW 15 - insruance are state regulated
National association of insurance and financial advisors

16. Types of private insurance
An agents contract
Form of service provided by hospitals and physicians
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

17. NAIC
Health maintenance organization
Write life - health - property and casualty insurance
To preservce state regulations of the insurance business
The insurer

18. Commercial insures
Companies that write more thane one line of insurance
Stock and mutural companies
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Stock company may be converted into mutal company

19. NAHU
Debit insurers
Protect the intrest of policyowners and consumers
national association of health underwriters
Assumes a portion of the risk from another insurer

20. 3 systesm support sales of insurance
Hospital Insurance
Protect the intrest of policyowners and consumers
Supplemental Medical Insurance or Medicare
Career agency . personal producing general agency. Indipendent agency

21. Financial service moderinzation act 1999
Barred common ownerships of banks - insurance companines
PUBIC LAW 15 - insruance are state regulated
Protect person right to privact
Risk Retention Group

22. Types of insurers
Mutual - stock - graternal
National association of insurance commissioners
Specialize in particulare type of insurance
Protect the intrest of policyowners and consumers

23. An agent has...
Encourage unifromity in state nsurance laws and regulations
An agents contract
Form of service provided by hospitals and physicians
Assumes a portion of the risk from another insurer

24. Types of service providers
Assumes a portion of the risk from another insurer
Encourage unifromity in state nsurance laws and regulations
HMO and PPO
Career agency . personal producing general agency. Indipendent agency

25. NAIC
Hospital Insurance
Barred common ownerships of banks - insurance companines
Health maintenance organization
National association of insurance commissioners

26. Mutualization
Companies that write more thane one line of insurance
Stock company may be converted into mutal company
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
National association of insurance commissioners

27. HMO
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Many lines of insurance - life - annuitites and car - helth
Health maintenance organization
Regulates - supervising insurance companies and agents - brokers

28. methods of selling insurance
Supplemental Medical Insurance or Medicare
Assumes a portion of the risk from another insurer
Direct selling mass marketing
Stock and mutural companies

29. A broker has...
Must be nonprofit - maintain form of gov with elected officers
Direct selling mass marketing
Assist the admin with efficiency in laws
A broker contract

30. RRG
Assist the admin with efficiency in laws
For military Servicemembers - group life - veterans life - national life
Form of service provided by hospitals and physicians
Risk Retention Group

31. Multi-line insurace
To preservce state regulations of the insurance business
Stock company may be converted into mutal company
Career agency . personal producing general agency. Indipendent agency
Companies that write more thane one line of insurance

32. Demutualizing
National association of insurance and financial advisors
Mutual - stock - graternal
Assist the admin with efficiency in laws
Mutuals comany coverting to stock compnay

33. State Guaranty Association
Must be nonprofit - maintain form of gov with elected officers
Guarantees claim will be paid if any insurer becomes insolvent
Companies that write more thane one line of insurance
Regulates - supervising insurance companies and agents - brokers

34. Home service insures
National association of insurance commissioners
Debit insurers
Protect the intrest of policyowners and consumers
Assumes a portion of the risk from another insurer

35. Freternal Benefits Societies
Old-age survivors and disability insurance ( social Security)
Guarantees claim will be paid if any insurer becomes insolvent
Assist the admin with efficiency in laws
Must be nonprofit - maintain form of gov with elected officers

36. NAIC broad objective #3
Assumes a portion of the risk from another insurer
Encourage unifromity in state nsurance laws and regulations
Barred common ownerships of banks - insurance companines
Protect the intrest of policyowners and consumers

37. Service providers
Stock company may be converted into mutal company
Must be nonprofit - maintain form of gov with elected officers
HMO and PPO
Form of service provided by hospitals and physicians

38. SMI
For military Servicemembers - group life - veterans life - national life
An agents contract
Supplemental Medical Insurance or Medicare
Not a service provider

39. HI
National association of insurance commissioners
Securities and exchange commission - regulates variable life and annuities
Hospital Insurance
Many lines of insurance - life - annuitites and car - helth

40. Agents represent
Form of service provided by hospitals and physicians
national association of health underwriters
Securities and exchange commission - regulates variable life and annuities
The insurer

41. Types of Goverment Insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
To preservce state regulations of the insurance business
Regulates - supervising insurance companies and agents - brokers
Assist the admin with efficiency in laws

42. Mccarran Ferguson act
To preservce state regulations of the insurance business
Mutual - stock - graternal
PUBIC LAW 15 - insruance are state regulated
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible

43. Fair credit recording act 1970
Protect person right to privact
The insurer
Debit insurers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

44. Types of insurers
Many lines of insurance - life - annuitites and car - helth
Old-age survivors and disability insurance ( social Security)
Barred common ownerships of banks - insurance companines
Private and goverment

45. Risk Retention group ( RRG)
PUBIC LAW 15 - insruance are state regulated
The insurer
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Insure people of the same business - ocupation< Dentists>

46. Steps in promote suitable sales
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Insure people of the same business - ocupation< Dentists>
Risk Retention Group

47. SEC
Insure people of the same business - ocupation< Dentists>
Securities and exchange commission - regulates variable life and annuities
Protect the intrest of policyowners and consumers
Assist the admin with efficiency in laws