USAA Auto Insurance Terms EXAM QUESTIONS CORRECTLY ANSWERED

USAA Auto Insurance Terms EXAM QUESTIONS CORRECTLY ANSWERED 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