Quiz: Insurance Regulation
Failure to promptly settle a claim when liability has been clearly established
Ex of unfair claims settlement practice
Regulates consumer reports
Federal Fair Credit Reporting Act
Misrepresentation
On advertisement, company claims that it has funds in its possession that are, in fact, not available for payment of losses or claims. The company is guilty of
10 days
To avoid violations of unfair claims settlement regulations, insurers are required to acknowledge the receipt of a claim within how many days?
3 days
Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?
The consumer directs the licensee not to disclose the consumer's nonpublic personal financial info to a third party
According to the primary of consumer financial info regulation, if a consumer decides to opt out, this means
$5,000
Civil penalty for first violation of the Pennsylvania Insurance Fraud Prevention Act?
The customer's associates, friends, and neighbors provide the report's data
Compared to consumer reports, which describes a unique characteristic of Investigative Consumer Reports
5 days
If consumer requests additional info concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
FTC
National Do-Not-Call Registry is regulated by
Department of Insurance
Producer appointed, who is notified
Federal Fair Credit Reporting Act
Regulates consumer reports
Consumer report
Report provides the underwriter w/ the info about an insurance applicant credit