Nevada Statutes-Health and Life Insurance Exam Questions and Answers 100% Correct(RATED A+)

Domestic insurer - ANSWER-insurance company that is incorporated in this state. Domicile is when e company's home office is in the state in which it was formed. If a company was chartered in Nevada it would be a Nevada domesticated company. Foreign insurer - ANSWER-An insurance company that is incorporated in another state or territorial possession. A company chartered in California would be a foreign company in New York Alien insurer - ANSWER-Insurance company that is incorporated outside the United States Stock companies - ANSWER-Owned by the stockholders who provide the capital necessary to establish and operate the insurance company and who share in any profits or losses. Officers are elected by stockholders and manage stock insurance companies. Issue nonparticipating policies where policy owners don't share profits or losses-- no dividends to policyholders but tax dividends to stockholders Mutual companies - ANSWER-owned by the policy owners and issue participating policies. With participating policies, policy owners are entitled to dividends which in this case are return of excess premiums and are nontaxable. Insurers are not required o hold certificate of authority for the following instances: - ANSWER-- investigation, settlement of litigation claims - liquidation of assets of the insurer - transactions written and delivered out of the state - lawsuits -surpluses