Federal Trade Commission (ftc)
Government agency, under the McCarran-Ferguson act (public law 15), that has no authority over insurance matters to the extent the states regulate insurance to the satisfaction of Congress. However, this does not prevent the FTC from conducting investigations into the insurance industry. For example, in 1970 the Congress charged the FTC with the responsibility of enforcing the fair credit reporting act, which requires an insurance company to notify an insurance applicant of an impending inspection report and to release information so collected to the applicant upon request. If the report results in the applicant's rejection for insurance, he must be notified of the adverse report and his right to its contents. Perhaps the best known FTC investigation involved its study "Life Insurance Cost Disclosure," that was extremely critical of industry cost disclosure practices.
Popular Insurance Terms
Same as term Fronting: procedure under which the CEDING COMPANY (the primary or fronting company) cedes the risk it has underwritten to its reinsurer with the ceding company retaining none ...
Death from other than accidental means. ...
Additional hazard associated with aeronautics other than that of being a passenger on a regularly scheduled airline. An extra premium is charged, and/or there are usually exclusions applied ...
Portion of the death benefit in a life insurance policy paid upon the insured being diagnosed as having a terminal illness that will result in death within a year. ...
Reinsurance broker for a primary company (the re-insured). This broker is paid commissions by the reinsurance company, just as an agent is paid commissions by an insurance company for ...
Tax-exempt entity as qualified under Section 501 (c)(9) of the Internal Revenue Code. The VEBA usually provides its members and their dependents and beneficiaries with paid life insurance, ...
In life insurance, action by an insurance company canceling premium payments by an insured who has been disabled for at least six months. The policy remains in force and continues to build ...
In insurance, debit agents list of total premiums to be collected. This also applies to the geographical area in which an agent collects the premiums. ...
Compilation that reports the number of new incorporated and nonincorporated businesses started during a single week. ...
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