Personal Lines Insurance PA Study Guide with Questions and Correct Answers

What are the penalties for violating the Fair Credit Reporting Act? $5,000, Imprisonment for 1 year or both How long to give notice to client about credit report? 3 days after report is requested TRIPRA defines terrorism as... A violent act or an act that is dangerous to human life, property or infrastructure that results in damage in or outside the US committed by domestic or foreign terrorists. TRIPRA Regulations Triggering event to go into effect $200 million Insurance carrier's deductible set at 20% of last years direct earned premium Federal share of compensation 80% Gramm-Leach-Bliley Act requires financial institutions to ensure the security and confidentiality of customer data Consumer Anyone about whom information is collected. customer someone who has an ongoing relationship with a financial institution. Fraud and false statements penalties a fine, imprisonment for up to 10 years or both or imprisonment for up to 15 years if false statements jeopardize insurer. Scheduled Coverage Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for each item. Blanket Coverage One price to cover all as opposed to specific peril cause of loss Basic Perils Fire, lightning, and internal explosion extended coverage Perils Wind, Civil Commotion, Smoke, Hail, Aircraft, Vehicles, Volcanoes, Explosion, Riot, Vandalism and Malicious Mischief (WC SHAVVER and V&MM) Broad Perils Big Affect