Kentucky Life Insurance Exam Questions and
Answers
.1869 Paul v. Virginia - Answer-the U.S. Supreme Court ruled that
insurance transactions crossing state lines are not interstate
commerce.
.1905 The Armstrong Investigation Act - Answer-gave the
authority to the states to regulate insurance.
.1944 United States v. South-Eastern Underwriters Association -
Answer-ruled that insurance transactions crossing state lines are
interstate commerce and are subject to federal regulation. Many
federal laws were conflicting with existing state laws
.1945 McCarran and Ferguson Act - Answer-States that while
federal government has the authority to regulate the insurance
, industry, it would not exercise that right if the insurance industry
was run effectively and adequately by the states
.1970 Fair Credit Reporting Act - Answer-provides individuals
privacy protection and fair and accurate credit reporting
.1999 Gramm-Leach-Bliley Act - Answer-Repealed the Glass
Steagall Act's prohibition of mergers between commercial banks
and insurance companies or securities firms
.20 pay life - Answer-The cash value will equal the face amount at
maturity
accumulates cash value faster in earlier years
.2001 USA Patriot Act - Answer-Expands authority of US law
enforcement for purpose of fighting terrorism (expands FBI
electronic surveillance capabilities; foreign student monitoring
program
.2003 do not call registry - Answer-insurance calls are not exempt
from the do not call registry
Answers
.1869 Paul v. Virginia - Answer-the U.S. Supreme Court ruled that
insurance transactions crossing state lines are not interstate
commerce.
.1905 The Armstrong Investigation Act - Answer-gave the
authority to the states to regulate insurance.
.1944 United States v. South-Eastern Underwriters Association -
Answer-ruled that insurance transactions crossing state lines are
interstate commerce and are subject to federal regulation. Many
federal laws were conflicting with existing state laws
.1945 McCarran and Ferguson Act - Answer-States that while
federal government has the authority to regulate the insurance
, industry, it would not exercise that right if the insurance industry
was run effectively and adequately by the states
.1970 Fair Credit Reporting Act - Answer-provides individuals
privacy protection and fair and accurate credit reporting
.1999 Gramm-Leach-Bliley Act - Answer-Repealed the Glass
Steagall Act's prohibition of mergers between commercial banks
and insurance companies or securities firms
.20 pay life - Answer-The cash value will equal the face amount at
maturity
accumulates cash value faster in earlier years
.2001 USA Patriot Act - Answer-Expands authority of US law
enforcement for purpose of fighting terrorism (expands FBI
electronic surveillance capabilities; foreign student monitoring
program
.2003 do not call registry - Answer-insurance calls are not exempt
from the do not call registry
