Nevada (NV) Common Law Quiz Latest 2025 Accurate Exam Questions and Correct Answers.

Nevada (NV) Common Law Quiz Latest 2025 Accurate Exam Questions and Correct Answers. A foreign insurer has its home office where? - CORRECT ANS b. In a state other than Nevada... Books and records related to the business of insurance must be kept for how long? - CORRECT ANS d. 5 years All of the following would be practices prohibited by Nevada's Unfair Discrimination laws except: Denying coverage to women who are gainfully employed by relatives when coverage is offered to men who are similarly employed - CORRECT ANS d. Treating a complication of pregnancy the same as any other illness or sickness covered by the policy Which of the following is true regarding a producer's license - CORRECT ANS b. The license is perpetual, it remains in effect unless revoked, suspended or otherwise terminated Which of the following is not a requirement for obtaining a resident producer's license? - CORRECT ANS c. Be a resident of Nevada for at least one year All of the following are true regarding an administrator except: - CORRECT ANS c. The term administrator includes a life and health producer who limits his or her activities to the sale of insurance When a person's license has been suspended, which of the following is true? - CORRECT ANS d. All applicable fees, including renewal fees, and continuing education is required to be completed during the time of the suspension In investigating insurance fraud, the Attorney General may request all of the following information regarding the claim except: - CORRECT ANS d. Results of a polygraph test What must you do if your license is suspended or revoked? - CORRECT ANS c. Surrender the license immediately to the Commissioner Which of the following statements is correct regarding an administrator? - CORRECT ANS The Commissioner has the authority to examine, audit and inspect books and records maintained by an administrator at anytime When you receive clients' money, which of the following is a true statement? - CORRECT ANS d. The funds must be kept separate from all other funds, deposited in a fiduciary account All of the following are valid reasons for a person to be unable to renew his or her license except: - CORRECT ANS a. The person moved and didn't get his or her renewal notice A person found guilty of insurance fraud is guilty of which of the following? - CORRECT ANS d. A category D felony A certificate of registration as an administrator is valid for how many years? - CORRECT ANS c. 3 The statute of limitations to be found guilty of engaging in willful unauthorized insurance is how long? - CORRECT ANS d. 5 years As an employee of an insurer when handling the money of an insurer you must act in which of the following capacities? - CORRECT ANS d. As a fiduciary Which of the following would not result in license suspension or revocation? - CORRECT ANS d. Holding a non-resident producer's license in another state Coverage provided by the Nevada Insurance Guaranty Association (NIGA) includes all of the following except: - CORRECT ANS b. Unlimited coverage for return of unearned premiums When may the Commissioner examine an authorized insurer? - CORRECT ANS c. As often as he or she deems advisable... All of the following are general powers and duties of the Insurance Commissioner except: - CORRECT ANS d. Sentencing offenders to jail time An administrator must maintain a fiduciary account for depositing clients' premiums and return premiums. Acceptable withdrawals from this account include all of the following except: - CORRECT ANS d. Overhead expenses such as rent and utilities of the administrator If an assessment is made by the Nevada Life and Health Guaranty Association it is due when? - CORRECT ANS a. Within 30 days after receipt of written notice A person who desires to use a name other than his or her true name shown on the license must submit a request for approval of such name when? - CORRECT ANS a. Prior to using the fictitious name