Insurance lesson 5

Which agency has influenced the insurance industry by introducing uniform regulation 'models' for states to follow in an attempt to standardize multiple-state insurance laws? National Association of Insurance Commissioners (NAIC) Federal Deposit Insurance Corporation (FDIC) Federal Trade Commission (FTC) Securities and Exchange Commission (SEC)

NAIC

which considered insurance not a transaction of commerce Paul v. Virginia Armstrong United States v. Southeastern Underwritters 1958 Intervention of FTC

Paul v Virginia

As a provision of the Financial Services Modernization Act of 1999, attempts to obtain non-public personal information from consumers and customers under false pretenses is referred to as pre-texting twisting controlled business sliding

Pre texting

In the event an insurance company becomes insolvent, this type of association ensures unpaid claims will be paid for covered policyowners? National Association of Health Underwriters National Association of Insurance Commissioners State Guaranty Association State Association of Insurance and Financial Advisors

State Guaranty Association

Which of the following is known for the creation of the New York Insurance Code? Intervention by the FTC (1958) U.S. vs. Southeastern Underwriters Association (1944) The Armstrong Investigation (1905) Financial Services Modernization Act (1999)

The Armstrong Investigation (1905)

All of the following are true regarding the McCarran-Ferguson Act EXCEPT: The McCarran-Ferguson Act defined insurance as a form of interstate commerce. The McCarran-Ferguson Act ratified legislation in all states to conform to federal law; however, Congress still concluded that state regulation of insurance made the most sense from a consumer's standpoint. The McCarran-Ferguson Act was passed by Congress in 1945. Under the McCarran-Ferguson Act, the business of insurance is primarily regulated by the states, allowing the federal government to regulate in addition to, but not to supersede state insurance laws.

The McCarran-Ferguson Act defined insurance as a form of interstate commerce.

True or False A consumer reporting agency must disclose any information in the event an applicant requests it; however, an insurance company is not obligated to disclose such information to an applicant.

True

This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? Paul v. Virginia (1868) United States v. Southeastern Underwriters Association (1944) 1958 Intervention by the FTC The McCarran-Ferguson Act (1945)

United States v Southeastern Underwriters association 1944

This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? Paul v. Virginia (1868) United States v. Southeastern Underwriters Association (1944) 1958 Intervention by the FTC The McCarran-Ferguson Act (1945)

United States v. Southeastern Underwriters Association (1944)

Which of the following is NOT required by the Fair Credit Reporting Act of 1970? If an applicant is rejected due to findings in a report, the applicant must be provided with the names and address of the reporting agency. An applicant has the right to know anyone questioned regarding the report. An applicant must be notified a report has been requested. An insurer is required to disclose medical information to an applicant in the event the applicant is rejected due to findings in the report.

an insurer is required to disclose medical info to an applicant in the event the applicant is rejected due to findings in the report

What is the Fair Credit Reporting Act?

protects privacy of background information and ensures that information supplied is accurate

what was the conclusion of the 1958 Intervention of FTC

the FTC had no authority over states in the regulation of insurance marketing