NEVADA STATE LAW EVALUATION ANSWERS AND
QUESTIONS SET A+
✔✔If the commissioner denies an application for a license, the license may apply for a
hearing that must be conducted ___ - ✔✔Within 30 days of the request
✔✔If you were in violation of your license, you may receive a fine of - ✔✔25 to 500
dollars, that must be paid 15 to 30 days after it is ordered
✔✔The commissioner may examine authorized insurer every ___. if you do not comply
with an examination, it is a ___. - ✔✔Five years, misdemeanor
✔✔Examiner - ✔✔Official auditor hired by commissioner to do an investigation
✔✔Examination fees - ✔✔Must be paid by the insurer or individual examined and must
be deposited in the Fund for Insurance Administration and Enforcement
✔✔Inland Marine - ✔✔Also includes lost to precious stones, jewelry, gold, silver, and
other precious metals in the course of transportation.
✔✔Marine and transportation insurance - ✔✔Covers personal items and cargo well
imported by land, water or air
✔✔Wet marine = - ✔✔Oceans and international voyage
✔✔Inland marine = - ✔✔Lands and domestic transit
✔✔Insurance consultant - ✔✔A person who examines, reviews, makes
recommendations, or gives advice regarding any insurance policy for a fee.
✔✔Anyone caught acting as am insurance consultant without a license is subject to a
fine of up to ___ for each violation - ✔✔1,000
, ✔✔Producers license remains in effect for how many years - ✔✔3
✔✔A producer may request a late renewal for the license within ___ after the renewal
date, but will be subject to a ___ - ✔✔30 days, 50%
✔✔If a producer lets their license expire, they have ___ after expiration to renew the
license without without needing to pass a written examination - ✔✔12 months
✔✔Licensed producers must - ✔✔-18 years old
-pay required fees
-complete a study course and pass test
-complete fingerprinting to commissioner
✔✔Any ___ that acts as an insurance producer must obtain an insurance producer
license - ✔✔Business entity
✔✔A Nevada producer license must state - ✔✔- the licenses name
-address
-personal identification number
-date of issuance and expiration
-lines of authority
✔✔A producers license - ✔✔Must be made available for public inspection upon request
✔✔Producer - ✔✔A person who sells, solicits, or negotiates insurance
✔✔Limited line producers can only sell - ✔✔- personal property storage insurance
-travel insurance
-rental car agency insurance
-portable electronics insurance
-crop insurance
✔✔Agent - ✔✔A producer of insurance, who is compensated by the insured and sells or
solicit insurance for the insurer. Represents the insurer company.
✔✔Broker - ✔✔Producer of insurance who represents the client (insured) in an
insurance transaction. Not an agent of an insurer.
✔✔Managing general agent - ✔✔Has the authority to appoint and terminate agents for
an insurer. Also negotiates and vines reinsurance contracts on behalf of an insurer.
Produces 5% or more of an insurers annual surplus and adjusting claims
✔✔A managing general agent must maintain a bond for - ✔✔$50,000 that covers any
errors or omissions
QUESTIONS SET A+
✔✔If the commissioner denies an application for a license, the license may apply for a
hearing that must be conducted ___ - ✔✔Within 30 days of the request
✔✔If you were in violation of your license, you may receive a fine of - ✔✔25 to 500
dollars, that must be paid 15 to 30 days after it is ordered
✔✔The commissioner may examine authorized insurer every ___. if you do not comply
with an examination, it is a ___. - ✔✔Five years, misdemeanor
✔✔Examiner - ✔✔Official auditor hired by commissioner to do an investigation
✔✔Examination fees - ✔✔Must be paid by the insurer or individual examined and must
be deposited in the Fund for Insurance Administration and Enforcement
✔✔Inland Marine - ✔✔Also includes lost to precious stones, jewelry, gold, silver, and
other precious metals in the course of transportation.
✔✔Marine and transportation insurance - ✔✔Covers personal items and cargo well
imported by land, water or air
✔✔Wet marine = - ✔✔Oceans and international voyage
✔✔Inland marine = - ✔✔Lands and domestic transit
✔✔Insurance consultant - ✔✔A person who examines, reviews, makes
recommendations, or gives advice regarding any insurance policy for a fee.
✔✔Anyone caught acting as am insurance consultant without a license is subject to a
fine of up to ___ for each violation - ✔✔1,000
, ✔✔Producers license remains in effect for how many years - ✔✔3
✔✔A producer may request a late renewal for the license within ___ after the renewal
date, but will be subject to a ___ - ✔✔30 days, 50%
✔✔If a producer lets their license expire, they have ___ after expiration to renew the
license without without needing to pass a written examination - ✔✔12 months
✔✔Licensed producers must - ✔✔-18 years old
-pay required fees
-complete a study course and pass test
-complete fingerprinting to commissioner
✔✔Any ___ that acts as an insurance producer must obtain an insurance producer
license - ✔✔Business entity
✔✔A Nevada producer license must state - ✔✔- the licenses name
-address
-personal identification number
-date of issuance and expiration
-lines of authority
✔✔A producers license - ✔✔Must be made available for public inspection upon request
✔✔Producer - ✔✔A person who sells, solicits, or negotiates insurance
✔✔Limited line producers can only sell - ✔✔- personal property storage insurance
-travel insurance
-rental car agency insurance
-portable electronics insurance
-crop insurance
✔✔Agent - ✔✔A producer of insurance, who is compensated by the insured and sells or
solicit insurance for the insurer. Represents the insurer company.
✔✔Broker - ✔✔Producer of insurance who represents the client (insured) in an
insurance transaction. Not an agent of an insurer.
✔✔Managing general agent - ✔✔Has the authority to appoint and terminate agents for
an insurer. Also negotiates and vines reinsurance contracts on behalf of an insurer.
Produces 5% or more of an insurers annual surplus and adjusting claims
✔✔A managing general agent must maintain a bond for - ✔✔$50,000 that covers any
errors or omissions
