West Virginia Property and Casualty Licensing Practice Exam

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Prepare for the West Virginia Property and Casualty Licensing Exam. Use flashcards and multiple choice questions, each featuring hints and clear explanations. Boost your confidence and exam readiness!

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What federal law requires insurers to provide customers with written privacy notices?

Privacy Protection Act
Gramm-Leach-Bliley Act
Insurance Privacy Act
Consumer Privacy Act

The correct answer is: Gramm-Leach-Bliley Act

The correct answer is the Gramm-Leach-Bliley Act, which mandates that financial institutions, including insurance companies, provide their customers with written privacy notices. This law was enacted to enhance consumer privacy and regulate the sharing of nonpublic personal information. It ensures that customers are informed about how their information is collected, used, and shared, and gives them the right to opt-out of certain information sharing practices. This requirement is a fundamental aspect of consumer protection in the financial services sector, promoting transparency and trust between insurers and their clients. By providing clear privacy notices, insurers help customers understand their rights regarding personal information, fostering a more informed decision-making process regarding their insurance options.