LOMA 311 COURSE OBJECTIVES TRAINING QUESTIONS WITH REVISED AND UPDATED ANSWERS

LOMA 311 COURSE OBJECTIVES TRAINING QUESTIONS WITH REVISED AND UPDATED ANSWERS Identify federal antitrust laws and the types of activities that antitrust laws typically prohibit. - Answer-Sherman Act, which prohibits individuals and companies Clayton Act, which makes it unlawful to engage in certain actions that are believed to lessen competition and to lead to monopolies. Federal Trade Commission Act gave it the power to enforce federal antitrust laws. Describe federal consumer protection laws that protection consumers who enter into credit transactions and that regulate trade practices. - Answer-Provide consumers with certain written disclosures concerning all finance charges and related aspects of credit transactions. Adhere to restrictions on the garnishment of a debtor's wages. Refrain from discriminating on the basis of race, color, religion, national origin, sex, marital status, or age when they extend credit. Provide the consumer with information about the consumer reporting agency that provided the report Describe electronic commerce laws that are designed to facilitate electronic signatures and contracts and to ensure the privacy and security of personal information - Answer-Electronic Signatures in Global and National Commerce (E-SIGN) eliminates legal barriers to the use of electronic technology to form and sign contracts, collect and store documents, and send and receive notices and disclosures. Almost all states have enacted laws based on the Uniform Electronic Transactions ACT (UETA), which is a model law adopted by the National Conference of Commissioners on Uniform State Laws to provide for the effectiveness of electronic signatures. Explain the types of workplace standards, nondiscrimination requirements, and required benefits that U.S federal and state laws typically impose on their employers. - Answer-Civil Act of 1964 Americans with Disabilities Act Age Discrimination in Employment Act Equal Employment Opportunity Commission Equal Pay Act Family Medical Leave Act Explain how the federal government regulates the financial services industry in the United States; Explain the role of the federal government in regulating insurance. - Answer-Dodd-Frank designed to promote the financial stability of the United States by improving accountability and transparency in the financial system and to protect consumers from abusive financial services practices. Define the components of a holding company system and describe how insurance holding companies are regulated in the United States. - Answer-a holding company system is a corporate ownership structure in which one company owns and controls another company known as a subsidiary of the holding company. in such an arrangement, each company exists as a separate corporate entity. Identify the two primary types of state insurance laws and describe the four primary features of state insurance regulatory systems. - Answer-Solvency law, designed to ensure that insurance companies are financially able to meet their debts and to pay policy benefits when they come due. Market conduct laws, designed to make sure that insurance companies conduct their business fairly and ethically. Explain how the three primary governmental functions are divided among government - Answer-Creating the laws, nations establish some type of legislative body, often referred to as a legislature or parliament. Administering and enforcing the laws, nations establish a system of administrative agencies, often referred to as departments or ministries. Settling disputes that arise within the jurisdiction, nations typically establish a court system, and many nations promote alternative dispute resolution methods.