Washington state life insurance exam Already Passed!!

Fair credit reporting act - A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement - 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 - The investigating agency cannot report bad debts over seven years old or bankruptcy over 10 years old Fair credit reporting act requirement - 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 - This act insurance confidentiality and helps in underwriting accuracy but does not guarantee it Fair credit reporting act - 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 - Fraud and false statements 1033 - 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 - 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) - Requires financial institutions to implement anti-moneylaundering programs