Nevada Statutes and Regulations for Property and Casualty (100% correct)

Commercial policies issued for a term longer than one year may be cancelled by the insurer by giving notice of cancellation A30 days before any anniversary date of the policy. B45 days before the expiration of the policy. C60 days before any anniversary date of the policy. D70 days before the expiration of the policy. correct answers 60 days before anniversary date of the policy Who can countersign a policy issued in this state? AAn underwriter BA policy applicant CAn appointed and licensed agent DAn insurance broker only correct answers An appointed and licensed agent The effective period of a binder may be extended 30 days at a time with written approval of AThe insurer. BThe policyholder. CThe Commissioner. DThe insured. correct answers The Commissioner An insurer cannot delay making payments for any claim involving damage to a motor vehicle after receiving AAn estimate of the cost to repair. BAn estimated repair cost from the garage approved by the insurer. CA statement of charges from any garage previously authorized to perform the repairs required by that claim. DThe completed claim form. correct answers statement of charges from any garage previously authorized to perform the repairs required by that claim Which of the following statements is FALSE regarding motor vehicle physical damage appraisers? AThey investigate claims of physical damage to insured motor vehicles. BThey do not have to be employed by any one insurance company. CThey must be licensed by the Commissioner. DThey must post a bond of $2,500 in favor of the people of the state of Nevada. correct answers They do not have to be employed by any one insurance company Question 10 of 15 A person employed by an insurance company to investigate claims of physical damage to insured motor vehicles is AA claims agent. BAppointed by the Commissioner.