Idaho Insurance Study Tips with Complete Solutions

Idaho Insurance Study Tips with Complete SolutionsIdaho Insurance Study Tips with Complete SolutionsIdaho Insurance Study Tips with Complete SolutionsIdaho Insurance Study Tips with Complete SolutionsIdaho Insurance Study Tips with Complete Solutions FRAUD AND FALSE STATEMENTS (18 USC Sections 1033 and 1034) - ANSWER-Under federal statutes it is a felony for any insurance company officer or employee to engage in fraud, embezzlement, theft, or deceit in any insurance transaction. In addition to a $50,000 civil fine, such a person may be subject to imprisonment for up to 15 years. USA PATRIOT ACT - ANTI - MONEY LAUNDERING - ANSWER-To make money laundering more difficult for criminals, the USA Patriot Act requires insurance companies to: • establish anti-money laundering programs; and • file "suspicious activity reports" within 180 days with the federal government's Financial Crimes Enforcement Network. When an investigative report is made on a consumer, the consumer must be notified in writing within 3 - ANSWER- days of the date the report was requested. The notification must inform the consumer that: - ANSWER-the report may include information about his or her character, reputation, personal characteristics, and mode of living; and additional information about the nature and scope of the investigation may be obtained by the consumer upon written request. If a consumer requests the additional information, a complete and accurate disclosure of the nature and scope of the investigation must be provided within 5 days. Insurers are concerned about applicant privacy and usually will not permit the Producer to see the - ANSWER- Consumer Reports. - ANSWER-Enter back side of flash card If the consumer disputes any information in the consumer report, the consumer reporting company - ANSWER- must verify or remove the disputed information within 30 days. - ANSWER-Enter back side of flash card Foreign, Domestic, Alien - ANSWER-a Domestic Insurer is domiciled in this state; a Foreign Insurer is domiciled in another state; and an Alien Insurer is domiciled in another country