Federal Trade Commission (ftc)
Definition of "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
Discharge of electricity from the atmosphere, one of the perils covered in most fire insurance policies. ...
Termination date of coverage as indicated on the insurance policy. ...
number of people born as a percentage of the total population in any given period of time. ...
Expenses connected with resolving an estate to include medical expenditures, funeral expenditures, probate expenditures, estate taxes, legal fees, and other administrative expenditures. ...
Sections with standard wording common to all property and casualty insurance contracts: conditions, declarations, exclusions, insuring agreement. ...
Tax charged to finance the old age, survivors, disability, and health insurance (OASDHI) plan. Both employer and employee share in the cost, making contributions on an equal basis. The ...
A fire division defines the act of breaking up a building into well-defined separate parts. They can also use an artificial division line from incombustible building materials. Often, ...
Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Agreement by the insurance company to keep the universal life insurance policy in force, even if the cash value becomes zero or less than zero, provided that a specified minimum ...
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