Wa State Life Insurance Questions And
Answers With Verified Solutions Already
Passed!!! Latest Updated 2024
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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