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22 Cards in this Set
- Front
- Back
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The National Association of Insurance Commissioners (NAIC) works to promote uniformity in state regulation through the development of:
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Model Laws |
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In the U.S., a Health Insurance Portability and Accountability Act (HIPAA) authorization must include what 3 things?
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2. the purpose of disclosure 3. the signature of the proposed insured |
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T/F: Each state has its own insurance commissioner
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True |
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T/F: Approval from the federal insurance department is required prior to selling a life insurance product
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False |
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Variation by state is common: T/F?
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Helps cover losses to some extent if a company has financial difficulties. |
Guaranty Association |
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Helps provide uniformity and guidelines in the development of regulations. Established to provide poliyholders with protection against a loss of benefits if a company were to become insolvent
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Assuris (formerly the Canadian Life and Health Insurance Compensation Corporation or Comp Corp) |
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The organization that affects the entire insurance industry and protects both carriers and consumers alike
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MIB, Inc |
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A membership corporation, sometimes described as an "industry trade association." |
MIB, Inc |
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What is MIB's primary mission? |
To detect and deter fraud in the application process |
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What types of insurance companies does MIB service? (5)
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life, health, disability income, critical illness, and long-term care insurance |
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How many life and health companies is MIB comprised of in the US and Canada?
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450 |
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What lowers the chance of insolvency w/in the industry and benefits all companies including non-members? |
reduction of fraud |
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T/F: MIB reports information regarding aviation activities |
True |
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T/F: MIB reports information about medical conditions |
True |
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T/F: MIB reports information about underwriting decisions |
False |
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In Canada, the organization responsible for supervising the financial condition of all life insurance companies is: |
The Office of the Superintendent of financial Institutions (OSFI) |
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What regulates how the life insurance industry handles public retirement plans? |
The Employee Retirement Income Security Act of 1974 (ERISA) |
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T/F: ERISA regulates how the individual companies provide benefits to their employees
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True |
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What are the individually identifiable health info pieces HIPAA regulates? (7) |
-is a provision of health care to an individual -pertains to the payment of health care to an individual -provides the ability to identify the individual -is created or received by a covered entity -identifies an individual -it is reasonable to believe that the individual could be identified by the information provided |
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The USA Patriot Act requires financial institutions to do what? |
Set up anti-money laundering programs and put into place procedures for training and auditing the program |
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Some suspicious activities an UW might see:
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-large payments that would exceed the 7702 or modified endowment contract (MEC) guidelines, requiring a refund of the premium -life insurance applications w/ foreign ownership or proposed insureds w/o appropriate documentation allowing htem to reside in the US -a request for a free look or cancellation w/ the owner residing overseas |
