Wa state life insurance exam study guide

Wa state life insurance exam study guide Fair credit reporting act - Answer️️ -A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement - Answer️️ -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 - Answer️️ -The investigating agency cannot report bad debts over seven years old or bankruptcy over 10 years old Fair credit reporting act requirement - Answer️️ -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 - Answer️️ -This act insurance confidentiality and helps in underwriting accuracy but does not guarantee it Fair credit reporting act - Answer️️ -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 - Answer️️ -Fraud and false statements ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 2 1033 - Answer️️ -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 - Answer️️ -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) - Answer️️ -Requires financial institutions to implement anti-money-laundering programs Penalty for 1033 - Answer️️ -Fine or imprisonment of not more than 10 years or both NFIP - Answer️️ -National flood insurance program National flood insurance program? - Answer️️ -Institute a 1968 by federal government and its government insurance overseen by FEMA TRIA - Answer️️ -Terrorism risk insurance act allows government to act as a back up to the industry for large losses caused by Terrace ask Max assistance by government of 100 billion a year Risk - Answer️️ -Uncertainty with respect to a lost chance of loss occurring Types of risk - Answer️️ -Speculative risk and pure risk ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 3 Speculative risk - Answer️️ -Possibility of a loss and possibility of gain like investing in a business Pure risk - Answer️️ -Yes or no loss like purchasing a home Exposure - Answer️️ -State of being subject to the possibility of loss like whether and harsh situations. Hazard - Answer️️ -A condition that creates or increases the chance of loss Types of hazard - Answer️️ -Physical, moral, morale, legal Peril - Answer️️ -Occurrence that causes a loss fire water theft windstorm Types of peril - Answer️️ -Named peril and open peril Named peril - Answer️️ -Policy that list specific Peril insured against Open peril - Answer️️ -Insured against all direct boss