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
Set of yield curves in which an interest rate is specified for various maturities such as monthly, quarterly, or annually. The basis of the interest rate can be corporate bond rates, United ...
Coverage for accidental injury, accidental death, or sickness; also called Accident and Sickness Insurance. Benefits include paid hospital expenses, medical expenses, surgical expenses, and ...
Annuity payments that continue for the life of the annuitant. ...
Grouping of applicants for life insurance according to expected mortality, so as to produce an underwriting classification in which the spread between health of the worst and best applicant ...
Phrase used to describe a method of annuity payout that guarantees a specified number of years, regardless of whether an annuitant remains alive. ...
Reinsurance ceded to an insurance company that is a non admitted insurer. ...
Investment income. Insurance companies invest part of their premiums that are not immediately needed for claims and administrative expenses. These earnings are critical to an insurance ...
Professional association that sets standards of performance for those engaged in actuarial functions. Members are entitled to use the professional designation MAAA (Member, American Academy ...
coverage on the bank's premises for burglary of monies, securities, and other properties from within the bank's safe (s); robbery of monies and securities; loss of monies and securities as ...
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