Washington State Life Insurance Accurate 100%(GRADED A+)

Fair credit reporting act - ANSWER The fair credit reporting act is a federal law that regulates consumer reporting agency's and the use of consumer reports. The purpose of this law is to assure that the reporting of credit will be accurate and current. Insurers that use consumer reporting agency's must comply with state law as well as the fair credit reporting act. Consumer report - ANSWER A credit report that relates to an individual's credit worthiness reputation or habits. It is used to determine whether a person is eligible for a loan a job insurance etc. If applicant is denied, cancelled, or increase charge of insurance. - ANSWER Must notify applicant of the name and address of the consumer reporting agency allows the applicant to discover what is in his or her credit file At what point should a file be expunged from the credit record? - ANSWER Over Seven years for judgments and 10 years for bankruptcies What information is typically found in a credit report? - ANSWER Credit limits, current debts, late payments, and open accounts or delinquencies. What piece of financial information is not found in theCredit report? - ANSWER Income of the individual 18 USC sections 1033 and 1034 - ANSWER Frauds and false statements 1033 - ANSWER US code relates to those in the entrance businesses who knowingly and with the intent to deceive make false statements, reports, or willingly overvalue any land, property, or security in connection with any financial reports or documents for the purpose of influencing the actions of an insurance regulatory official, agency, appointed agent, or examiner. The code also indicates that those who and basil remove steel or misappropriate money funds premium credit or other property and those who make any falls injury of material fact in any book report or statement of a person engaged in the business of insurance with the intent to deceive or corruptly influence of struct or impede the administration of the law involving the business of insurance who's activities are pending before any any insurance regulatory official agency agent or examiner will be punished What is the punishment for a 1033? - ANSWER The penalty for such offenses is a fine or imprisonment of not more than 10 years or both if the offense caused an insured to be placed in conservation rehabilitation or liquidation the term of imprisonment shall not be more than 15 years for embezzlement of any related offense they are printed meant will not be more than one year if the amount or value of the embezzlement Etc. does not exceed $5000 How much time would an individual convicted of a criminal felony involving dishonesty or a breach of trust under 1033 get? - ANSWER Find or imprisoned not more than five years or both 1034 - ANSWER Allows the Attorney General to impose a civil penalty against an individual for an offense under section 1033 of not more than $50,000 for each violation or the amount of compensation which the person received, whichever is greater. NFIP - ANSWER National flood insurance program When was the NFI P instituted - ANSWER 1968 by the federal government and his government insurance Who oversees the NFI P - ANSWER FEMA Federal emergency management agency TRIA - ANSWER Terrorism risk insurance act Tria - ANSWER This is a temporary act that has been extended several times his purpose was to allow the federal government to act as a back up to the insurance industry for large losses caused by terrorist acts these acts are defined by the secretary of treasury, with the concurrence of the Secretary of State and Attorney General, to exceed $100 million in damages, with a maximum assistance by the government of $100 billion per year. USA patriot act/anti-money-laundering - ANSWER Requires financial institutions to implement anti-money-laundering programs. At a minimum The development of internal policies, procedures, and controls; the designations of a compliance officer; an ongoing employee training program; an independent audit function to test programs are