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Federal Laws and Regulations (LAH)
Terms in this set (28)
If an insurance company obtains an investigative consumer report on a prospective insured, it MUST inform the prospect that it is permitted to do so under which of the following federal laws?
The Fair Credit Reporting Act
Obtaining consumer information reports under false pretenses is prosecutable by which of the following?
The Fair Credit Reporting Act
How many years must credit information be retained?
When requesting a consumer report on an applicant, from whom must the insurer obtain consent?
Who may bring a civil action in the appropriate United States district court against any person engaging in conduct constituting an offense under Section 1033?
Individuals in the insurance business who have been convicted of a crime involving dishonesty or breach of trust are subject to which federal law?
US Code 18 sections 1033 and 1034
Which regulation was established by the Federal Trade Commission and Federal Communications Commission to protect consumers?
National Do Not Call List
How often do organizations need to check the Do Not Call Registry in order to stay in compliance
Every 31 days
The National Do Not Call list pertains to what type of calls?
Unsolicited sales calls
Which federal law required financial institutions to provide the consumer with information on how personal information is used?
Which was NOT established under the Patient Protection Affordable Care Act?
High deductible health plans (HDHP)
What is the federal legislation that was established to set rules for commercial email advertisements?
A producer who makes false statements about the financial condition of an insurer may be found guilty of
A prospective insured makes statements on an insurance application that he believes are true to the best of his knowledge and belief. These statements are considered
What procedure is used by an insurer to protect itself in the event a dispute arises, and the applicant and the producer do not recall the changes that were made in a completed application?
The applicant and possible the producer initial any changes made
When the courts look at a contract to determine the intent of the parties which of the following is considered?
How are issues of ambiguity usually resolved because insurance contracts are contracts of adhesion?
In favor of the insured because the insurance company drafts the language in the contract.
Which characteristic of an insurance contract states that, when a loss occurs, the insured should be restored to the financial condition he was in before the loss?
Contract of indemnity
Which principle holds that the insurer relies on the truthfulness of the applicant and in return promises and had the ability to pay claims?
What is the difference between misrepresentation and fraud?
Misrepresentation is a representation that is actually false, but fraud is an intentional act designed to deceive
Which of the following are defined as a part of the policy and can void the policy if they are breached, whether the breach was intentional or unintentional?
An insurance policy that is intended to restore the insured to the same financial status as before the loss is a contract of
What is a partial truth on an application called?
What are the statements on an application that are taken by the insurance company as true to the best of the applicant's knowledge and belief?
If the insurer wishes to share an applicant's HIV status, the applicant must be given full notice of all of the following EXCEPT
The treatment procedures that are covered by the policy.
In a Medical Expense policy, newborns are covered only if
Any required premium is paid within 31 days of birth
HIPPA applies to groups of how many participants?
Under HIPPA, if Mark loses his long-standing Group Major Medical at ABC corp, but makes timely entry into the Group Major Medical plan offered by his new employer, he will not be subject to new preexisting conditions limitations. Timely entry is defined as how many days?
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