Term
| DESCRIBE THE TERRORISM RISK INSURANCE ACT (TRIA) |
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Definition
| The program compels insurers to offer terrorism coverage because it is needed for many real estate transactions. In the event of a terrorist attack, the federal government will provide federal funds to assist insurers in paying claims. |
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Term
| WHAT IS THE MOST SIGNIFICANT CHANGE TO TRIA? |
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Definition
| The elimination of the requirement that individuals must act on behalf of a foreign person or foreign interest. It affects, rate and rule or form filings. |
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Term
| WHAT IS A CONSUMER REPORT? |
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Definition
| A communication by a consumer reporting agency that is used as a factor in establishing the consumer's eligibility for credit or insurance. |
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Term
| WHAT ARE THE 3 CIRCUMSTANCES IN WHICH A CONSUMER REPORTING AGENCY MAY FURNISH A CONSUMER REPORT? |
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Definition
1) In connection with a credit transaction involving the consumer about whom the information is to be furnished.
2)For employment purposes.
3)In connection with underwriting insurance involving the consumer. |
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Term
| WHEN CAN A CONSUMER REPORT LIST ADVERSE INFORMATION ABOUT THE CONSUMER, SUCH AS LAWSUITS, JUDGMENTS, ARRESTS , AND CONVICTIONS? |
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Definition
| When those items have occurred within seven years before the report. |
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Term
| WHAT IS THE GENERAL UNDERSTOOD PUNISHMENT FOR INSURANCE FRAUD AND FALSE STATEMENTS? |
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Definition
| Fine and/or imprisonment for up to 10 years. |
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Term
| TELEMARKETING SALES RULE (6) |
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Definition
1) Gives the FTC and State attorneys general law enforcement tools to combat telemarketing fraud.
2) Gives consumers added privacy protections.
3) Defends against unscrupulous telemarketers.
4) Helps consumers tell the difference between fraudulent and legitimate telemarketing.
5)Prohibits calling consumers who have put their phone numbers on the National Do Not Call Registry.
6) Prevents Robocalls. |
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Term
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Definition
| Rules that prohibit sending unwanted commercial email messages to wireless devices without permission. |
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Term
| GRAM-LEACH-BLILEY ACT (FINANCIAL MODERNIZATION ACT OF 1999) |
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Definition
| Controls the ways that financial institutions deal with the private information of individuals. |
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Term
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Definition
| regulates the collection and disclosure of private financial information. |
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Term
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Definition
| Stipulates that financial institutions must implement security programs to protect private financial information. |
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Term
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Definition
| prohibits the practice of accessing private information using false pretenses. |
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