Concealment - Failure to disclose a material fact which should have been disclosed concealment
has the same effect as misrepresentation
Apparent authority - The appearance of or an assumption of authority which may cause
applicants or insured to believe the producer has authority which in fact h...
Wa state life insurance
Concealment - Failure to disclose a material fact which should have been disclosed concealment
has the same effect as misrepresentation
Apparent authority - The appearance of or an assumption of authority which may cause
applicants or insured to believe the producer has authority which in fact he does not have
1033 - United States code establishes definition and penalties for crimes by or affecting person
engaged in the business of insurance his activities affect interstate commerce
1034 - Set civil penalties and injunctions for violations of section 1033 section 1035 addresses
false statements relating to health care matters
18 USC sections 1033 and 1034 - Fraud and false statements
Admitted insurance company - Insurer which is entitled to transact insurance. Must be license and
authorize in a state to be an admitted carrier
Alien Insurer - Home office located in another country and formed under the laws of another
country
Avoidance - Taking steps to remove a hazard
Competent parties - All parties must be alive, sane, and authorized to contract
Consideration - Something about you must be given the insured's consideration is the application
and premium payments the insurers consideration is the promise to pay a covered claim
Domestic insurer - Insurer with its home office located in the state
Elements of a contract - Four elements offer and acceptance, consideration, competent parties,
legal purpose, time element
, Elements of insurable - Must be definite and definable, must be accidental, chance of a loss must
be calculable, must create an economic hardship, must be offered at a reasonable price, losses must not
be catastrophic, and the law of large numbers
Exposure - State of being subject to the possibility of loss like whether and harsh situations.
Express authority - actual authority the insurer gives the producer in his or her contract as a
representative of the company
Fair credit reporting act - A federal law that regulates consumer reporting agency's in the use of
consumer reports
Fair credit reporting act - Investigative consumer report a.k.a. inspection report is used to
determine an applicant's personal characteristics and possible moral hazards maybe due to the credit
report
Fair credit reporting act requirement - The insurer has 30 days to notify the customer of denial of
coverage of denial was based on the report
Fair credit reporting act requirement - The insurer must inform the applicant of the name and
address of the investigation agency so the applicant is able to obtain a copy of the report and have the
opportunity to refute any misinformation
Fair credit reporting act requirement - The investigating agency cannot report bad debts over
seven years old or bankruptcy over 10 years old
Fair credit reporting act requirements - This act insurance confidentiality and helps in
underwriting accuracy but does not guarantee it
Foreign Insurer - Home office located in another state and formed under the laws of any part of
the United States
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