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. methods of selling insurance
Mutual - stock - graternal
A++ superior - A- Excellent - ability to meet obligations
Hospital Insurance
Direct selling mass marketing

2. Service providers
Mutuals comany coverting to stock compnay
Must be nonprofit - maintain form of gov with elected officers
Form of service provided by hospitals and physicians
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

3. NAIC broad objective #3
Hospital Insurance
Protect the intrest of policyowners and consumers
Mutuals comany coverting to stock compnay
To preservce state regulations of the insurance business

4. Stock and mutural companies
For military Servicemembers - group life - veterans life - national life
Write life - health - property and casualty insurance
Protect the intrest of policyowners and consumers
Hospital Insurance

5. Lloyds of London
Mutuals comany coverting to stock compnay
Must be nonprofit - maintain form of gov with elected officers
Assist the admin with efficiency in laws
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock

6. Steps in promote suitable sales
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Mutual - stock - graternal
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Must be nonprofit - maintain form of gov with elected officers

7. HI
Health maintenance organization
Regulates - supervising insurance companies and agents - brokers
Hospital Insurance
Debit insurers

8. Freternal Benefits Societies
Protect the intrest of policyowners and consumers
Debit insurers
Must be nonprofit - maintain form of gov with elected officers
A broker contract

9. Rating system
A++ superior - A- Excellent - ability to meet obligations
Old-age survivors and disability insurance ( social Security)
For military Servicemembers - group life - veterans life - national life
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation

10. Mutualization
Stock company may be converted into mutal company
Companies that write more thane one line of insurance
National association of insurance commissioners
Debit insurers

11. LLoyd's of London
Not a service provider
Many lines of insurance - life - annuitites and car - helth
Assist the admin with efficiency in laws
Mutual - stock - graternal

12. Multi-line insurace
Assumes a portion of the risk from another insurer
The insurer
Companies that write more thane one line of insurance
HMO and PPO

13. HMO
Direct selling mass marketing
Risk Retention Group
Health maintenance organization
HMO and PPO

14. Fair credit recording act 1970
Protect person right to privact
Regulates - supervising insurance companies and agents - brokers
Career agency . personal producing general agency. Indipendent agency
Companies that write more thane one line of insurance

15. Home service insures
HMO and PPO
Debit insurers
Write life - health - property and casualty insurance
Must be nonprofit - maintain form of gov with elected officers

16. Industrial insurance
Stock company may be converted into mutal company
The insurer
Specialize in particulare type of insurance
Must be nonprofit - maintain form of gov with elected officers

17. SEC
Securities and exchange commission - regulates variable life and annuities
Career agency . personal producing general agency. Indipendent agency
Private and goverment
Hospital Insurance

18. Reinsurere is a company that...
Barred common ownerships of banks - insurance companines
Assumes a portion of the risk from another insurer
Health maintenance organization
For military Servicemembers - group life - veterans life - national life

19. 3 systesm support sales of insurance
Career agency . personal producing general agency. Indipendent agency
HMO and PPO
Many lines of insurance - life - annuitites and car - helth
Guarantees claim will be paid if any insurer becomes insolvent

20. Financial service moderinzation act 1999
HMO and PPO
The insurer
Barred common ownerships of banks - insurance companines
Protect the intrest of policyowners and consumers

21. Stock insurers
Guarantees claim will be paid if any insurer becomes insolvent
Form of service provided by hospitals and physicians
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
national association of health underwriters

22. An agent has...
An agents contract
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
national association of health underwriters
A broker contract

23. NAIC broad objective #2
Assist the admin with efficiency in laws
Form of service provided by hospitals and physicians
Career agency . personal producing general agency. Indipendent agency
Write life - health - property and casualty insurance

24. Mccarran Ferguson act
Many lines of insurance - life - annuitites and car - helth
Old-age survivors and disability insurance ( social Security)
PUBIC LAW 15 - insruance are state regulated
Stock company may be converted into mutal company

25. NAIC
National association of insurance commissioners
A broker contract
Debit insurers
To preservce state regulations of the insurance business

26. Federal goverment
Guarantees claim will be paid if any insurer becomes insolvent
For military Servicemembers - group life - veterans life - national life
Assumes a portion of the risk from another insurer
Career agency . personal producing general agency. Indipendent agency

27. Types of insurers
Private and goverment
Insure people of the same business - ocupation< Dentists>
Career agency . personal producing general agency. Indipendent agency
For military Servicemembers - group life - veterans life - national life

28. RRG
Write life - health - property and casualty insurance
Supplemental Medical Insurance or Medicare
Risk Retention Group
National association of insurance commissioners

29. Commercial insures
Stock company may be converted into mutal company
To preservce state regulations of the insurance business
Stock and mutural companies
Old-age survivors and disability insurance ( social Security)

30. OASDI ( SSN)
Barred common ownerships of banks - insurance companines
Old-age survivors and disability insurance ( social Security)
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Mutual - stock - graternal

31. Agents represent
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Mutuals comany coverting to stock compnay
The insurer
HMO and PPO

32. Demutualizing
HMO and PPO
Direct selling mass marketing
For military Servicemembers - group life - veterans life - national life
Mutuals comany coverting to stock compnay

33. Types of Goverment Insurer
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
An agents contract
Securities and exchange commission - regulates variable life and annuities
For military Servicemembers - group life - veterans life - national life

34. NAHU
Compared to the new ork stock exchange - proides the arena and facilities for buying and selling publick stock
Barred common ownerships of banks - insurance companines
national association of health underwriters
Insure people of the same business - ocupation< Dentists>

35. Risk Retention group ( RRG)
Insure people of the same business - ocupation< Dentists>
PUBIC LAW 15 - insruance are state regulated
Stock and mutural companies
Securities and exchange commission - regulates variable life and annuities

36. A broker has...
HMO and PPO
A++ superior - A- Excellent - ability to meet obligations
Risk Retention Group
A broker contract

37. SMI
Supplemental Medical Insurance or Medicare
For military Servicemembers - group life - veterans life - national life
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
A broker contract

38. NAIC
To preservce state regulations of the insurance business
National association of insurance and financial advisors
The insurer
Write life - health - property and casualty insurance

39. Private insures
Protect person right to privact
Risk Retention Group
May or maynot be policy holders - paid to the stockholders - directors and officers are responsible
Many lines of insurance - life - annuitites and car - helth

40. NAIFA
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
Direct selling mass marketing
National association of insurance and financial advisors
Form of service provided by hospitals and physicians

41. NAIC broad objective #1
Encourage unifromity in state nsurance laws and regulations
Many lines of insurance - life - annuitites and car - helth
Barred common ownerships of banks - insurance companines
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

42. Types of service providers
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Insure people of the same business - ocupation< Dentists>
A++ superior - A- Excellent - ability to meet obligations
HMO and PPO

43. State Guaranty Association
Old-age survivors and disability insurance ( social Security)
Protect the intrest of policyowners and consumers
Guarantees claim will be paid if any insurer becomes insolvent
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

44. PPO
Perferred provider organization
Encourage unifromity in state nsurance laws and regulations
OASDI - HI - SMI - (medicare) - Medicaid - workers compensation
Stock company may be converted into mutal company

45. State Regulations
Regulates - supervising insurance companies and agents - brokers
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider
An agents contract
Barred common ownerships of banks - insurance companines

46. Types of private insurance
1- sell to customers need 2- dermin suitability of products 3full and accurate disclosure
Protect the intrest of policyowners and consumers
Mutual - stock - graternal
Stock - Mutual - Assessement - Reciprocal - reinsures - risk retention group. home service - service provider

47. Types of insurers
Mutual - stock - graternal
national association of health underwriters
Protect person right to privact
Stock and mutural companies