Delaware Health Insurance Questions with Complete Solutions 100% Verified National association of insurance commissioners (NAIC) - Correct Answers composed of insurance commissioners from all 50 states. The are responsible for enforcing laws and regulations.Stock Companies - Correct Answers Companies owned by the stockholders whose investments provide the capital necessary to establish and operate the insurance company.Mutual Companies - Correct Answers Owned by the policyowners and issue participating policies.Fraternal Benefit Societies - Correct Answers Life or health insurance companies formed to provide insurance for members of an affiliated lodge, religious organization, or fraternal organization with a representative form of government.Risk Retention Group - Correct Answers A liability insurance company owned by its members, which are exposed to similar liability risks by virtue of being in the same business or industry.Social Security - Correct Answers any government system that provides monetary assistance to people with an inadequate or no income.medicare - Correct Answers A federal program of health insurance for persons 65 years of age and older Medicade - Correct Answers the government insurance program for low-income individuals & familys that is funded both by the federal government & each individual state 1945 McCarran and Ferguson Act - Correct Answers States that while federal government has the authority to regulate the insurance industry, it would not exercise that right if the insurance industry was run effectively and adequately by the states 2001 USA Patriot Act - Correct Answers Expands authority of US law enforcement for purpose of fighting terrorism (expands FBI electronic surveillance capabilities; foreign student monitoring program 1 / 2
unfair trade practice acts - Correct Answers gives chief financial officer the power to investigate insurance companies and producers to impose penalties advertising code - Correct Answers the code specifies certain words and phrases that are considered misleading and are not to be used in advertising of any kind Buyer's Guide - Correct Answers A booklet that describes insurance policies and concepts, and provides general information to help an applicant make an informed decision.Policy Summary - Correct Answers a written statement describing the features and elements of the policy being issued reserves - Correct Answers the funds that an insurance company has to insure that future obligations to policyholders are able to be paid Guaranty Association - Correct Answers A state mandated association of all insurance companies designed to protect consumers from impaired or insolvent companies.Liquidity - Correct Answers the insurers ability to make unpredictable payouts to policyowners hazard - Correct Answers (n.) risk, peril; (v.) to expose to danger or harm; to gamble risk - Correct Answers Degree of uncertainty of return on an asset; in business, the likelihood of loss or reduced profit.Human Life Value Approach - Correct Answers the present value of the family's share of the deceased breadwinner's future earnings health insurance - Correct Answers Insurance that covers medical illness or injury.Legal Purpose - Correct Answers In contract law, the requirement that the object of, or reason for, the contract must be legal.
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