Insurance Regulation (14)

Under the Terrorism Risk Insurance Act, all of the following lines of insurance are covered EXCEPT: commercial property insurance workers compensation insurance commercial liability insurance homeowners and dwelling insurance

homeowners and dwelling insurance

The Terrorism Risk Insurance Act (TRIA) does NOT compel insurance companies to offer coverage for certified acts of terrorism in which of the following lines of insurance? commercial property workers compensation commercial liability homeowners

homeowners

The Terrorism Risk Insurance Act (TRIA) requires insurance companies to make coverage for certified acts of terrorism available for all the following lines of insurance EXCEPT: workers compensation homeowners commercial liability commercial property

homeowners

Which of the following incidents would be covered under the Terrorism Risk Insurance Act? A U.S. manufacturing plant is sabotaged, resulting in a loss of $220 million. A U.S. cargo ship is attacked by pirates and suffers losses of $188 million. A bombing at a U.S. embassy leads to damages of $90 million. A crew's negligence causes a passenger train to derail in California, resulting in losses of $249 million

A U.S. manufacturing plant is sabotaged, resulting in a loss of $220 million.

All the following are federal laws impacting property and casualty insurance EXCEPT: Gramm-Leach Bliley Act Affordable Care Act Terrorism Risk Insurance Act Fair Credit Reporting Act

Affordable Care Act

Excalibur Insurance Company sends periodic privacy notices to all customers to comply with which of the following federal laws? Federal Trade Commission (FTC) Act Health Insurance Portability and Accountability Act (HIPAA) Gramm-Leach-Bliley (GLB) Act Fair Credit Reporting Act (FCRA)

Gramm-Leach-Bliley (GLB) Act

Through which of the following does the federal government regulate medical information used in life, health, property, and casualty insurance? Fair Credit Reporting Act Health Insurance Portability and Accountability Act Terrorism Risk Insurance Act Federal Trade Commission Act

Health Insurance Portability and Accountability Act

Federal legislation which protect privacy of information relevant to insurance transactions include all of the following EXCEPT: Federal Trade Commission Act Health Insurance Portability and Accountability Act McCarran-Ferguson Act Gramm-Leach-Bliley Act

McCarran-Ferguson Act

Although the Health Insurance Portability and Accountability Act (HIPAA) applies most directly to health insurers and health care providers, it also affects property and casualty insurers. Why? HIPAA violations may be prosecuted as a deceptive or unfair trade practice. Property insurers are not required to comply with HIPAA. HIPAA requires property and casualty insurers to provide health care services to all employees. Medical information is often involved in settling workers compensation claims.

Medical information is often involved in settling workers compensation claims.

Which of the following laws did Congress enact in response to the catastrophic losses resulting from the terrorist attacks on September 11, 2001? Fair Access to Insurance Requirements (FAIR Plan) Act Gramm-Leach-Bliley (GLB) Act Terrorism Risk Insurance Act (TRIA) Federal Emergency Management Act (FEMA)

Terrorism Risk Insurance Act (TRIA)

XYZ Insurance Company's auto insurance application includes a Fair Credit Reporting Act Notice. What does this notice inform consumers about? The insurer's privacy policy complies with legal requirements. The insurer might order a credit report on the applicant that includes personal information. Any information they provide in the application may be used against them in a court of law. They are entitled to opt out of a credit investigation.

The insurer might order a credit report on the applicant that includes personal information.

Which federal law prevents certain convicted felons from engaging in the insurance business unless they obtain a waiver from the Department of Insurance? Violent Crime Control and Law Enforcement Act McCarran-Ferguson Act Terrorism Risk Insurance Act (TRIA) Federal Trade Commission Act (FTCA)

Violent Crime Control and Law Enforcement Act

Who is primarily responsible for ensuring that applicants receive the appropriate notices about their rights under the Fair Credit Reporting Act? governor Insurance Commissioner producer insurer

producer

As part of its reforms, the federal Fair Credit Reporting Act; requires insurance applicants be informed in advance that the insurer might order a credit report led to the establishment of FAIR plans that cover hard-to-insure property prohibits insurance companies from using credit reports to determine whether an applicant is eligible for insurance requires insurers to obtain credit reports on all insurance applicants

requires insurance applicants be informed in advance that the insurer might order a credit report

Insurance is primarily regulated at which level of government? Regional Federal Municipal State

state

What is the purpose of the notice to consumers required by the Fair Credit Reporting Act? to give the opportunity to opt out of a credit investigation to advise that the insurer may order a credit report on the applicant that includes personal information to confirm that an insurer's privacy policy is legal to advise that consumer information in an application may be used as evidence in court

to advise that the insurer may order a credit report on the applicant that includes personal information