Personal Lines Review (Chapters 1-8) :– Accurate
Solutions For Every Question
Save
Terms in this set (335)
The business of insurance is regulated state level
on the _____.
This follows the _______, which said the McCarran-Ferguson Act of 1945
insurance industry was not subject to
federal antitrust laws.
State insurance laws are made by the Commissioner, Director, or Superintendent of
legislative branch and enforced by the Insurance
executive branch, represented by the
_____.
The insurance industry is still subject Fair Credit Reporting Act
to certain federal regulations as well.
The _______ protects the privacy of
consumer credit information by
regulating the ways insurers collect,
use, and store credit reports.
The _______ provides consumers with the Gramm-Leach-Bliley Act (GLBA)
legal right to opt out of information
sharing and requires insurers to
provide privacy notices at the time the
customer relationship is established
and annually thereafter.
,The _______ of the Telemarketing Sales Do Not Call List
Rule gives consumers the right to opt
out of telemarketer calls entirely and
provides regulations for when
telephone solicitations can be made.
The _______ is a temporary program to Terrorism Risk Insurance Act (TRIA)
provide reinsurance for losses arising
from the peril of terrorism, which is
generally too catastrophic to be
covered in the private market. The act
is designed to protect the public and
only applies to commercial property
and casualty insurers.
The Terrorism Insurance Program is Secretary of Treasury
administered by the _______, who
determines what is considered an act
of terrorism.
_______ involves intentional material Insurance Fraud
misstatements or concealments and is
done with the intent to deceive. It is
prohibited by federal law.
Fraud and false statements are a fine, imprisonment, or both
punishable by _______.
Federal law prevents anyone 1033 Waiver of Consent
convicted of a felony involving
dishonesty or breach of trust from
serving in the insurance industry
unless they have received a _______.
If a person is required to obtain this criminal and civil penalties
consent, fails to do so, and still
engages in the business of insurance,
they may be subject to _______.
,A _______ is an agreement between two contract
or more parties that is enforceable by
law.
In order to be valid, the contract must competent parties
be made by _______ who have legal
capacity to enter into the contract.
The contract must be entered into for legal purpose
a _______ in good faith.
The contract must include an _______ agreement
composed of an offer and
acceptance.
The contract must also include the consideration
exchange of value, known as _______.
Insurance contracts are _______ because contracts of adhesion
the insurer writes the contract on a
take-it-or-leave-it basis, but any
ambiguities in the contract will be
interpreted in favor of the insured.
Insurance contracts are also _______, as aleatory contracts
the uncertainty of loss means there
will be an unequal exchange of value.
_______ are statements made by the representations
applicant on the application that are
believed to be true at the time of
application.
These representations are different warranties
from _______, which are guaranteed to
be true.
_______ are false statements contained in misrepresentations
the application.
, If a representation or material
misrepresentation affects the insurer's
acceptance of the risk, it is said to be
_______.
Material misrepresentations and void
breached warranties may _______ the
policy.
Contracts of insurance provide occurrence
protection in the event an accident (a
sudden, unforeseen, and unintended
event) or an _______ (an accident that
includes continuous exposure to the
same generally harmful conditions)
causes a loss.
The policy that responds first is known primary insurance
as _______.
A policy that responds only after that excess insurance
policy's limits are exhausted is known
as _______.
If a loss does take place, the insurance principle of indemnity
policy is responsible for returning the
insured to the same financial or
physical condition that existed prior to
loss, which is known as the _______.
The insured must have the potential to insurable interest
suffer financial or economic hardship
if a loss were to occur. This _______ must
exist at the time of loss, though the
insured will likely need to prove their
interest in the policy prior to obtaining
coverage.
Solutions For Every Question
Save
Terms in this set (335)
The business of insurance is regulated state level
on the _____.
This follows the _______, which said the McCarran-Ferguson Act of 1945
insurance industry was not subject to
federal antitrust laws.
State insurance laws are made by the Commissioner, Director, or Superintendent of
legislative branch and enforced by the Insurance
executive branch, represented by the
_____.
The insurance industry is still subject Fair Credit Reporting Act
to certain federal regulations as well.
The _______ protects the privacy of
consumer credit information by
regulating the ways insurers collect,
use, and store credit reports.
The _______ provides consumers with the Gramm-Leach-Bliley Act (GLBA)
legal right to opt out of information
sharing and requires insurers to
provide privacy notices at the time the
customer relationship is established
and annually thereafter.
,The _______ of the Telemarketing Sales Do Not Call List
Rule gives consumers the right to opt
out of telemarketer calls entirely and
provides regulations for when
telephone solicitations can be made.
The _______ is a temporary program to Terrorism Risk Insurance Act (TRIA)
provide reinsurance for losses arising
from the peril of terrorism, which is
generally too catastrophic to be
covered in the private market. The act
is designed to protect the public and
only applies to commercial property
and casualty insurers.
The Terrorism Insurance Program is Secretary of Treasury
administered by the _______, who
determines what is considered an act
of terrorism.
_______ involves intentional material Insurance Fraud
misstatements or concealments and is
done with the intent to deceive. It is
prohibited by federal law.
Fraud and false statements are a fine, imprisonment, or both
punishable by _______.
Federal law prevents anyone 1033 Waiver of Consent
convicted of a felony involving
dishonesty or breach of trust from
serving in the insurance industry
unless they have received a _______.
If a person is required to obtain this criminal and civil penalties
consent, fails to do so, and still
engages in the business of insurance,
they may be subject to _______.
,A _______ is an agreement between two contract
or more parties that is enforceable by
law.
In order to be valid, the contract must competent parties
be made by _______ who have legal
capacity to enter into the contract.
The contract must be entered into for legal purpose
a _______ in good faith.
The contract must include an _______ agreement
composed of an offer and
acceptance.
The contract must also include the consideration
exchange of value, known as _______.
Insurance contracts are _______ because contracts of adhesion
the insurer writes the contract on a
take-it-or-leave-it basis, but any
ambiguities in the contract will be
interpreted in favor of the insured.
Insurance contracts are also _______, as aleatory contracts
the uncertainty of loss means there
will be an unequal exchange of value.
_______ are statements made by the representations
applicant on the application that are
believed to be true at the time of
application.
These representations are different warranties
from _______, which are guaranteed to
be true.
_______ are false statements contained in misrepresentations
the application.
, If a representation or material
misrepresentation affects the insurer's
acceptance of the risk, it is said to be
_______.
Material misrepresentations and void
breached warranties may _______ the
policy.
Contracts of insurance provide occurrence
protection in the event an accident (a
sudden, unforeseen, and unintended
event) or an _______ (an accident that
includes continuous exposure to the
same generally harmful conditions)
causes a loss.
The policy that responds first is known primary insurance
as _______.
A policy that responds only after that excess insurance
policy's limits are exhausted is known
as _______.
If a loss does take place, the insurance principle of indemnity
policy is responsible for returning the
insured to the same financial or
physical condition that existed prior to
loss, which is known as the _______.
The insured must have the potential to insurable interest
suffer financial or economic hardship
if a loss were to occur. This _______ must
exist at the time of loss, though the
insured will likely need to prove their
interest in the policy prior to obtaining
coverage.
