Ch 10 Nevada Statute & Regulations common to All Lines (Complete solution)

Which of the following will NOT be considered unfair discrimination by insurers? correct answers Discriminating in benefits and coverages based on the insured's habits and lifestyle To be eligible for a resident producer's license in Nevada, an applicant must meet all of the following eligibility requirements EXCEPT correct answers Be licensed as a solicitor for at lease one year prior to application Which of the following best describes the unfair trade practice of defamation? correct answers Making derogatory oral statements about another insurer's financial condition The Commissioner of insurance is responsible for all of the following actions EXCEPT correct answers Setting premium rates When transacting business in this state an insurer formed under the laws of another country is known as a/an correct answers Alien insurer Which of the following is an example of an agent's fiduciary responsibilities? correct answers An agent promptly forwarding premiums to the insurance company How many hours of approved continuing education within a 3-year period are required? correct answers 30 The requirement that agents must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to commingle those funds with their own funds, is known as correct answers Fiduciary responsibility The duties of a managing general agent may include all of the following EXCEPT correct answers Altering policies Which of the following is true regarding insurance company appointment for a broker? correct answers Brokers do not need to be appointed On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. The company is guilty of correct answers Misrepresentation Should any person willfully engage in an unauthorized insurance transaction, the Commissioner may impose an administrative fine or penalty of up _________. correct answers $10,000 for each and every act The mechanism used by individuals to transfer their risk of loss to a larger group of individuals that have similar exposures to loss, is called correct answers insurance