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
Requirement that the insured must have stayed in a hospital or other health care facility for at least a specified period of time before being entitled to receive insurance benefits. This ...
Plan that involves distribution of property by living hand and distribution of property after the death of its owner. Distribution by living hand can take the form of an outright gift, a ...
Insurance contract under which a policy owner cannot be assessed for adverse loss and expense experience of the insurance company. ...
Contractor who represents different insurance companies and who searches the market for the best place for a client's business. The independent agent, who owns the records of policies sold, ...
Combination of coverages from property and liability policies. ...
Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see ...
Annuity that provides income payments for a number of years provided the annuitant is alive to receive them. All income payments cease upon the death of the annuitant. ...
Act in which volunteers of nonprofit organizations and government entities do not incur liability if they are acting within the scope of their volunteer activities, their actions do not ...
same as term Lost Policy Receipt: life insurance company form to be signed by a policyholder who wishes to surrender a policy that has been lost. The signed receipt then becomes evidence ...
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