Chapter 6: NV Statutes & Regulations for Property & Casualty (Well-enlightened)

Insurance policies that have been in effect for at least ____ day or that have been renewed can't be canceled by the insurer before the expiration of the agreed term or 1 ____ from the effective date of the policy or renewal, whichever is less correct answers 70; year A commercial or business issued for a term longer than ____ may be be cancelled by the insurer by giving notice of cancellation ______ before any anniversary date of the policy correct answers 1 year; 60 days All other policies issued for a term longer than ____ may be cancelled with notice ______ before any anniversary date of the policy correct answers 1 year; 30 days If the insurer offers to renew the policy on different terms, how long does the policyholder have to cancel the policy without being penalized? correct answers 30 days after receiving notice of the changes If a notice of cancellation or non-renewal does not state the facts on which the insurer's decision is based, how long until the insurer must supply the info correct answers Within 6 days after receiving a written request by the policyholder What must cancellation notices contain correct answers Adequate instructions enabling the policyholder to apply for insurance through any approved voluntary or mandatory risk-sharing plan (except for the failure to pay a premium when due) Rates must not be what? correct answers Excessive, inadequate, or unfairly discriminatory, nor may an insurer charge any rate which, if continued, will have the effect of destroying competition or creating a monopoly (basically they have to go based on Law of Large Numbers) When can the Commissioner disapprove rates? correct answers If there is not a reasonable degree of price competition The Commissioner must approve or disapprove each proposal to increase/ decrease rates within how many days? correct answers No later than 60 days after it's determined to be complete If the Commissioner does disapprove the proposed rate, and, subsequently, an insurer requests a hearing to determine the validity of his action, a hearing will be held within how many days? correct answers 30 Who had the authority to counter sign the policy? correct answers Any appointed and licensed agent