WA State Life Insurance Latest Update with Verified Solutions

WA State Life Insurance Latest Update with Verified Solutions Fair credit reporting act A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement 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 The investigating agency cannot report bad debts over seven years old or bankruptcy over 10 years old Fair credit reporting act requirement 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 This act insurance confidentiality and helps in underwriting accuracy but does not guarantee it Fair credit reporting act 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 Fraud and false statements 1033 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 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) Requires financial institutions to implement anti- money-laundering programs Penalty for 1033 Fine or imprisonment of not more than 10 years or both NFIP National flood insurance program National flood insurance program? Institute a 1968 by federal government and its government insurance overseen by FEMA TRIA 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 Uncertainty with respect to a lost chance of loss occurring Types of risk Speculative risk and pure risk Speculative risk Possibility of a loss and possibility of gain like investing in a business Pure risk Yes or no loss like purchasing a home Exposure State of being subject to the possibility of loss like whether and harsh situations. Hazard A condition that creates