©THEBRIGHT 2024/2025 ALL RIGHTS RESERVED 10:15AM A+
Nevada Statutes-Health and Life Insurance
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass.
Domestic insurer - Answer✔insurance company that is incorporated in this state. Domicile is
when e company's home office is in the state in which it was formed. If a company was
chartered in Nevada it would be a Nevada domesticated company.
Foreign insurer - Answer✔An insurance company that is incorporated in another state or
territorial possession. A company chartered in California would be a foreign company in New
York
Alien insurer - Answer✔Insurance company that is incorporated outside the United States
Stock companies - Answer✔Owned by the stockholders who provide the capital necessary to
establish and operate the insurance company and who share in any profits or losses. Officers
are elected by stockholders and manage stock insurance companies. Issue nonparticipating
policies where policy owners don't share profits or losses-- no dividends to policyholders but
tax dividends to stockholders
Mutual companies - Answer✔owned by the policy owners and issue participating policies. With
participating policies, policy owners are entitled to dividends which in this case are return of
excess premiums and are nontaxable.
Insurers are not required o hold certificate of authority for the following instances: - Answer✔-
investigation, settlement of litigation claims
- liquidation of assets of the insurer
- transactions written and delivered out of the state
- lawsuits
-surpluses
- actions related to the insurers rights
1
, ©THEBRIGHT 2024/2025 ALL RIGHTS RESERVED 10:15AM A+
-reinsurance
- issuance of annuities by an affiliate
General powers, duties, and responsibilities of the commissioner include, but are not limited to:
- Answer✔- organize, manage, and supervise all the activities of the insurance department
- enforce provisions of the insurance code
- adopt regulations necessary to carry out the provisions of the insurance code
- conduct examinations and investigations of all insurance matters
Examinations - Answer✔Done by commissioner to ensure insurance companies are abiding by
the rules. Must be done at least every 5 years. Must examine every insurance company
applying for initial certificate of authorization. Person being examined is responsible for the
cost of the examination. Anybody who refuses the examination is guilty of a misdemeanor.
Notice and hearing - Answer✔If commissioner suspects an insurer or it's agent as committed a
violation or is engaged in unfair trade practice e commissioner may issue a statement of
charges and hold a hearing. Application must be filed within 60 days after the person knew or
reasonably should have known of the act. Application must briefly state the respects in which
the applicant is aggrieved and the evidence. If it is accepted there will be a hearing within 30
days. If it will be a different day it will need to be notified at least 20 days before.
Producer of insurance - Answer✔person required to be licensed under the Nevada law to sell,
solicit, or negotiate insurance. Anyone who transacts insurance without a license is subject to
an administrative fine of $1000 for each violation
Managing General Agent (MGA) - Answer✔Negotiates and binds ceding reinsurance contracts
on behalf of the insurer or manages ll of part of the insurance business of an insurer, including e
management of a separate division, department of underwriting office, or
Nonresident applicant - Answer✔Must file a change in addresses within 30 days of this change.
licensed person moving states must - Answer✔apply for licensing within 90 days of establishing
legal residency
Certificate of registration - Answer✔valid for 3 years- if violations occur registration can be
revoked and a fine of up to $2000 can occur
Exchange Enrollment Facilitator (EEF) - Answer✔Certified professional whose responsibilities
include enrolling qualified individuals, employers and employees in a Qualified Health Plan on
the Exchange. Also help consumers with complains and such.
2
Nevada Statutes-Health and Life Insurance
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass.
Domestic insurer - Answer✔insurance company that is incorporated in this state. Domicile is
when e company's home office is in the state in which it was formed. If a company was
chartered in Nevada it would be a Nevada domesticated company.
Foreign insurer - Answer✔An insurance company that is incorporated in another state or
territorial possession. A company chartered in California would be a foreign company in New
York
Alien insurer - Answer✔Insurance company that is incorporated outside the United States
Stock companies - Answer✔Owned by the stockholders who provide the capital necessary to
establish and operate the insurance company and who share in any profits or losses. Officers
are elected by stockholders and manage stock insurance companies. Issue nonparticipating
policies where policy owners don't share profits or losses-- no dividends to policyholders but
tax dividends to stockholders
Mutual companies - Answer✔owned by the policy owners and issue participating policies. With
participating policies, policy owners are entitled to dividends which in this case are return of
excess premiums and are nontaxable.
Insurers are not required o hold certificate of authority for the following instances: - Answer✔-
investigation, settlement of litigation claims
- liquidation of assets of the insurer
- transactions written and delivered out of the state
- lawsuits
-surpluses
- actions related to the insurers rights
1
, ©THEBRIGHT 2024/2025 ALL RIGHTS RESERVED 10:15AM A+
-reinsurance
- issuance of annuities by an affiliate
General powers, duties, and responsibilities of the commissioner include, but are not limited to:
- Answer✔- organize, manage, and supervise all the activities of the insurance department
- enforce provisions of the insurance code
- adopt regulations necessary to carry out the provisions of the insurance code
- conduct examinations and investigations of all insurance matters
Examinations - Answer✔Done by commissioner to ensure insurance companies are abiding by
the rules. Must be done at least every 5 years. Must examine every insurance company
applying for initial certificate of authorization. Person being examined is responsible for the
cost of the examination. Anybody who refuses the examination is guilty of a misdemeanor.
Notice and hearing - Answer✔If commissioner suspects an insurer or it's agent as committed a
violation or is engaged in unfair trade practice e commissioner may issue a statement of
charges and hold a hearing. Application must be filed within 60 days after the person knew or
reasonably should have known of the act. Application must briefly state the respects in which
the applicant is aggrieved and the evidence. If it is accepted there will be a hearing within 30
days. If it will be a different day it will need to be notified at least 20 days before.
Producer of insurance - Answer✔person required to be licensed under the Nevada law to sell,
solicit, or negotiate insurance. Anyone who transacts insurance without a license is subject to
an administrative fine of $1000 for each violation
Managing General Agent (MGA) - Answer✔Negotiates and binds ceding reinsurance contracts
on behalf of the insurer or manages ll of part of the insurance business of an insurer, including e
management of a separate division, department of underwriting office, or
Nonresident applicant - Answer✔Must file a change in addresses within 30 days of this change.
licensed person moving states must - Answer✔apply for licensing within 90 days of establishing
legal residency
Certificate of registration - Answer✔valid for 3 years- if violations occur registration can be
revoked and a fine of up to $2000 can occur
Exchange Enrollment Facilitator (EEF) - Answer✔Certified professional whose responsibilities
include enrolling qualified individuals, employers and employees in a Qualified Health Plan on
the Exchange. Also help consumers with complains and such.
2
