Quiz: Nevada Statutes and Regulations for Property and Casualty (100% solved)

Joe received a notice from his insurer that his policy would be cancelled in 30 days. The notice did not give any reason for the cancellation and did not tell Joe any way to obtain that information. When will this cancellation be effective? correct answers The cancellation is not effective Each licensed motor vehicle physical damage appraiser must obtain a surety bond in favor of the people of the State of Nevada and conditioned for the faithful performance of required duties in the amount of? correct answers $2,500 The effective period of a binder may be extended 30 days at a time with written approval of? correct answers The Commissioner A policy that is issued to replace a binder must include? correct answers Limits of coverage that are equal to the limits stated in the binder and an effective date for the policy that is the same as the effective date of the initial binder. If the Commissioner fails to approve or disapprove a proposed rate within 60 days, the proposal can be considered? correct answers Approved If the insurer offers to renew the policy on different terms, how long does the policy holder have to cancel the policy without being penalized? correct answers 30 days after receiving notice of the changes. When are copies of a written binder delivered to the insured and insurer? correct answers Within 24 hours after the binder becomes effective. If the damaged vehicle is subject to a security interest or the legal owner of the damaged vehicle is different from the registered owner, the vehicle must be repaired by a garage or licensed body shop unless.. correct answers It has been declared a total loss or total charge for the repair is $300 or less. A person who acts as a motor vehicle physical damage appraiser without a license is subject to an administrative fine of correct answers Not more than $1,000 for each violation. Which is false regarding motor vehicle physical damage appraisers? correct answers They do not have to be employed by any other insurance company. When receiving a statement of charges for completed repairs must an insurer issue a check payable to the garage or jointly to the insured and the garage? correct answers Within 30 Days A person employed by an insurance company to investigate claims of physical damage to insured motor vehicles is correct answers A motor vehicle physical damage appraiser.