USAA Auto Insurance Terms with Complete Solutions (1)

USAA Auto Insurance Terms with Complete Solutions (1) Terrorism Risk Insurance Act (TRIA) - Answer-In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it happen - Answer-In 2005 legislation was modified and coverage was extended by the Terrorism Risk Insurance Extension Act FCRA- when, what, and what it stands for - Answer-In 1970 the Fair Credit Reporting Act was establish by the federal government to promote fairness and accuracy of info contained in consumer reports. Creates legal standards for collection, use and dissemination of consumer credit info. FACTA-when, definition and acronym meaning - Answer-In 2003 FCRA was amended by Fair and Accurate Credit Transactions Act-it requires the commission and other agencies to implement many of the new provisions of the FCRA by means of rules and regulations Gram Leach Billey Act (GLB) of 1999 - Answer-This act eliminates many restrictions on banks, insurance companies and other financial institutions. In particular the combination of insurance and bank products doing business together. GLB also addresses information privacy by - Answer-barring financial institutions from sharing consumers info to 3rd parties, requires them to provide customers privacy notice before and after relationship, and requires each federal regulatory agency to establish standards by which the financial institutions under its jurisdiction implement administrative, technical and physical safeguards cars damaged must rent a car- rental fees could be indetified as what insurance term? - Answer-direct loss arbitration - Answer-procedure in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision made by a third party Theft - Answer-any unlawful taking of property burglary - Answer-taking of property by breaking and entering, leaving visible signs of forcible entry and/or exit