Insurance Regulation

In order to get Les to buy his policy, Jack lies about a benefit which the contract does not offer. He committed which unfair trade practice? -Misrepresentation -Coercion -Defamation -False financial statements

-Misrepresentation

Whose rights does the federal Fair Credit Reporting Act protect -creditors -consumers -insurers -the Department of Insurance

-consumers

When collecting personal financial or health information, an insurance company is required to do all of the following EXCEPT -notify individuals about the company's privacy practices. -describe conditions under which the company may disclose the information to other parties. -provide methods for individuals to prevent disclosure of the information. -provide individuals with copies of documents disclosed to other parties.

-provide individuals with copies of documents disclosed to other parties.

The federal Act which protects an applicant's financial privacy is: -Gramm-Rudman -Gramm Leach Bliley -FDIC -Securities Act of 1933

Gramm Leach Bliley

The South Carolina Privacy Regulation which protects the privacy of Sally's answers on her insurance application from unwanted marketing etc. is based on the federal law called: -Gramm Rudman -Fair Trade Act -The FCRA -Gramm Leach Bliley Act

Gramm Leach Bliley Act

Al and Ann are obtaining insurance for a buy-sell agreement for their business. The agent requests a consumer report which will involve a visit to the business and likely questioning their colleagues and neighbors. This type of report is called: -Investigative Consumer Report -Credit Report -Fair Credit Report -SLED Background Check

Investigative Consumer Report

Requirements of the SC Privacy Act include all the following except: -Privacy notice may be sent electronically if OK with applicant -Must be in handwritten form with agent's signature in ink -May be a paper form detached and given to client with signature for receipt

Must be in handwritten form with agent's signature in ink

Vic is applying for insurance and his agent gathers information about Vic that is contained on consumer reports, including credit information. What does the Fair Credit Reporting Act require the insurance agent to do with respect to its gathering and review of this information? -Nothing, the FCRA doesn't apply to insurance -Nothing, the FCRA doesn't apply to consumer reports -Make the information public -Provide a disclosure to Vic about the use of the information

Provide a disclosure to Vic about the use of the information

Tara objects to what she believes to be an inaccurate credit report. Her rights to see the reasons and contest information in her report are granted under: -The FCRA -The FDIC -FINRA -GLB

The FCRA

The Fair Credit Reporting Act is primarily intended to -exclude unworthy insurance applicants. -provide demographic information for actuaries. -regulate the use and disclosure of consumer credit information. -protect insurers when underwriting risks.

regulate the use and disclosure of consumer credit information.