Wa state life insurance exam study guide
Fair credit reporting act - Answer️️ -A federal law that regulates
consumer reporting agency's in the use of consumer reports
Fair credit reporting act requirement - Answer️️ -The insurer must inform
the applicant of the name and address of the i...
Fair credit reporting act - Answer✔️✔️-A federal law that regulates
consumer reporting agency's in the use of consumer reports
Fair credit reporting act requirement - Answer✔️✔️-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 - Answer✔️✔️-The investigating
agency cannot report bad debts over seven years old or bankruptcy over 10
years old
Fair credit reporting act requirement - Answer✔️✔️-The insurer has 30 days
to notify the customer of denial of coverage of denial was based on the
report
Fair credit reporting act requirements - Answer✔️✔️-This act insurance
confidentiality and helps in underwriting accuracy but does not guarantee
it
Fair credit reporting act - Answer✔️✔️-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
18 USC sections 1033 and 1034 - Answer✔️✔️-Fraud and false statements
1033 - Answer✔️✔️-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 - Answer✔️✔️-Set civil penalties and injunctions for violations of
section 1033 section 1035 addresses false statements relating to health care
matters
USA patriot act (anti-money laundering) - Answer✔️✔️-Requires financial
institutions to implement anti-money-laundering programs
Penalty for 1033 - Answer✔️✔️-Fine or imprisonment of not more than 10
years or both
NFIP - Answer✔️✔️-National flood insurance program
National flood insurance program? - Answer✔️✔️-Institute a 1968 by federal
government and its government insurance overseen by FEMA
TRIA - Answer✔️✔️-Terrorism risk insurance act allows government to act
as a back up to the industry for large losses caused by Terrace ask Max
assistance by government of 100 billion a year
Risk - Answer✔️✔️-Uncertainty with respect to a lost chance of loss
occurring
Types of risk - Answer✔️✔️-Speculative risk and pure risk
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