Indiana State Life and Health Insurance Practice Exam

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Prepare for the Indiana State Life and Health Insurance Exam. Study with comprehensive flashcards and multiple-choice questions, each featuring detailed hints and explanations. Achieve success and ace your exam!

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What year was the McCarran-Ferguson Act enacted?

1944
1945
1946
1947

The correct answer is: 1945

The McCarran-Ferguson Act was enacted in 1945. This important piece of legislation was significant because it allowed states to regulate the insurance industry without federal interference, acknowledging the importance of local oversight in matters pertinent to insurance. Prior to this act, there were concerns that federal regulation could undermine state laws governing insurance and potentially create conflicts. By affirming the states' authority, the McCarran-Ferguson Act aimed to ensure that the insurance market would remain competitive while allowing states to maintain consumer protections and regulatory frameworks suited to their specific needs. Understanding the context and implications of this Act is crucial for anyone studying insurance law and regulation.