Nevada Personal Lines Insurance Exam
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1. Transacting Insurance: Refers to any of the following acts, whether done for profit or not:
-- Soliciting and inducement,
-- Negotiating,
-- Effecting of a contract of insurance,
-- Transaction of matters pertaining to an insurance policy after it is issued.
2. Hearings:: Written notice of a hearing must be provided to involved parties at least 20 days in advance.
In the case of a person aggrieved by any act, threatened act, regulation, or order of the Commissioner, an application
must be filed with the Division within 60 days after the person knew or reasonably should have known of the act,
regulation, or order.
If the application is found to be made in good faith, the Commissioner will hold the hearing within 30 days after the
application's filing.
Within 30 days after the hearing, the Commissioner will issue a decision on the matter in the form of a written order.
3. Insurer: Includes every person engaged as principal and as indemnitor, surety, or contractor in the business of
entering into contracts of insurance.
4. Authorized Insurer: An insurance company that has qualified and received a Certificate of Authority from
the Department of Insurance to transact insurance in the state.
5. Unauthorized Insurer: An insurance company that has not applied, or has applied and been denied a
Certificate of Authority.
6. Certificate of Authority is NOT required for:: -- Transactions involving surplus lines coverage.
-- Investigations, settlements, or litigations of claims
under a policy that was lawfully written in Nevada in the past, by an insurer that no longer holds a certificate of authority.
-- Transactions involving group life and health coverage for Nevada residents if the master policy was lawfully sold by
a foreign insurer under the laws of its home state.
-- Transactions of excess liability insurance for an employer of more than 250 people who has a self-insured retention
of at least $25 million and pays at least $1 million in premiums for property and casualty insurance.
-- Issuance of annuities by an affiliate of an unauthorized insurer if the affiliate is approved by the Commissioner,
, Nevada Personal Lines Insurance Exam
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organized as a nonprofit educational corporation, issues annuities only to nonprofit institutions of education and
research, and reports and pays any premium taxes on the annuities per state requirement.
7. Any insurer who transacts insurance business without a certificate of author-
ity is guilty of a misdemeanor.: Any insurer who transacts insurance business without a certificate of
authority is guilty of a misdemeanor.
8. Examinations:: -- Every insurer licensed in Nevada must be examined at least once every 5 years.
-- Commission can examine authorized insurers in Nevada as often as they see fit.
-- Failure to cooperate with an examination is a misdemeanor in the state of Nevada.
-- Examination expenses must be paid at the time of receipt by the insurer or individual examined.
9. Premiums: The fee for insurance.
10. Licensing: A Nevada producer license must state the licensee's name, address, personal identification number,
the date of issuance, the lines of authority, and the date of expiration, and it must contain any other information the
Commissioner deems necessary.
The license must be made available for public inspection upon request.
11. Persons Required to Be Licensed:: A producer is a person who sells, solicits, or negotiates
insurance. A producer may qualify for a license in one or more lines of authority:
-- Life insurance, which includes benefits from endowments and annuities.
-- Accident and health insurance, which may include benefits for disability.
-- Property insurance.
-- Casualty insurance, which includes liability coverage and surety indemnifying financial institutions or providing bonds
for fidelity, performance of contracts, or financial guaranty.
-- Variable annuities and variable life insurance.
-- Credit insurance, including credit life, credit accident and health, credit property, credit involuntary unemployment,
guaranteed protection of assets, and any other form of insurance offered in connection with an extension of credit that
, Nevada Personal Lines Insurance Exam
Study online at https://quizlet.com/_dedns4
the Commissioner determines should be considered as limited-line credit insurance.
-- Personal lines, consisting of automobile and motorcycle insurance; residential property insurance, including coverage
for flood; personal watercraft insurance; and excess liability, written over one or more underlying policies of automobile
or residential property insurance.
Producers may also be licensed as limited lines producers. Limited lines include:
-- Personal property storage insurance.
--Travel insurance.
-- Rental car agency insurance.
-- Portable electronics insurance.
-- Crop insurance.
12. Transacting insurance without a license is punishable by a fine of up to
$1,000 per violation.: Transacting insurance without a license is punishable by a fine of up to $1,000 per
violation.
13. Nonresident Producer: A person currently licensed in and a resident of another state.
An applicant for a nonresident license must be in good standing in their home state.
Resident producers of other states who move to Nevada may obtain a Nevada resident license for the same lines of
authority without having to take any education courses or examination if they apply within 90 days after the cancellation
of their previous license or after establishing legal residence.
14. Managing General Agent: Negotiates and binds ceding reinsurance contracts on behalf of an insurer,
or manages all or part of the insurance business of an insurer, including the management of a separate division or
department.
15. Change of Address: A licensee must inform the Commissioner of each change of business or residence
address within 30 days after the change.
16. Premium Reduction for Older Drivers: Insured operators 55 years of age or older must get an
appropriate reduction in premium charges for a period of 3 years if they:
-- Have successfully completed a traffic safety. course, approved by the Department of Motor Vehicles, after attaining
55 years of age and every 3 years thereafter.
Study online at https://quizlet.com/_dedns4
1. Transacting Insurance: Refers to any of the following acts, whether done for profit or not:
-- Soliciting and inducement,
-- Negotiating,
-- Effecting of a contract of insurance,
-- Transaction of matters pertaining to an insurance policy after it is issued.
2. Hearings:: Written notice of a hearing must be provided to involved parties at least 20 days in advance.
In the case of a person aggrieved by any act, threatened act, regulation, or order of the Commissioner, an application
must be filed with the Division within 60 days after the person knew or reasonably should have known of the act,
regulation, or order.
If the application is found to be made in good faith, the Commissioner will hold the hearing within 30 days after the
application's filing.
Within 30 days after the hearing, the Commissioner will issue a decision on the matter in the form of a written order.
3. Insurer: Includes every person engaged as principal and as indemnitor, surety, or contractor in the business of
entering into contracts of insurance.
4. Authorized Insurer: An insurance company that has qualified and received a Certificate of Authority from
the Department of Insurance to transact insurance in the state.
5. Unauthorized Insurer: An insurance company that has not applied, or has applied and been denied a
Certificate of Authority.
6. Certificate of Authority is NOT required for:: -- Transactions involving surplus lines coverage.
-- Investigations, settlements, or litigations of claims
under a policy that was lawfully written in Nevada in the past, by an insurer that no longer holds a certificate of authority.
-- Transactions involving group life and health coverage for Nevada residents if the master policy was lawfully sold by
a foreign insurer under the laws of its home state.
-- Transactions of excess liability insurance for an employer of more than 250 people who has a self-insured retention
of at least $25 million and pays at least $1 million in premiums for property and casualty insurance.
-- Issuance of annuities by an affiliate of an unauthorized insurer if the affiliate is approved by the Commissioner,
, Nevada Personal Lines Insurance Exam
Study online at https://quizlet.com/_dedns4
organized as a nonprofit educational corporation, issues annuities only to nonprofit institutions of education and
research, and reports and pays any premium taxes on the annuities per state requirement.
7. Any insurer who transacts insurance business without a certificate of author-
ity is guilty of a misdemeanor.: Any insurer who transacts insurance business without a certificate of
authority is guilty of a misdemeanor.
8. Examinations:: -- Every insurer licensed in Nevada must be examined at least once every 5 years.
-- Commission can examine authorized insurers in Nevada as often as they see fit.
-- Failure to cooperate with an examination is a misdemeanor in the state of Nevada.
-- Examination expenses must be paid at the time of receipt by the insurer or individual examined.
9. Premiums: The fee for insurance.
10. Licensing: A Nevada producer license must state the licensee's name, address, personal identification number,
the date of issuance, the lines of authority, and the date of expiration, and it must contain any other information the
Commissioner deems necessary.
The license must be made available for public inspection upon request.
11. Persons Required to Be Licensed:: A producer is a person who sells, solicits, or negotiates
insurance. A producer may qualify for a license in one or more lines of authority:
-- Life insurance, which includes benefits from endowments and annuities.
-- Accident and health insurance, which may include benefits for disability.
-- Property insurance.
-- Casualty insurance, which includes liability coverage and surety indemnifying financial institutions or providing bonds
for fidelity, performance of contracts, or financial guaranty.
-- Variable annuities and variable life insurance.
-- Credit insurance, including credit life, credit accident and health, credit property, credit involuntary unemployment,
guaranteed protection of assets, and any other form of insurance offered in connection with an extension of credit that
, Nevada Personal Lines Insurance Exam
Study online at https://quizlet.com/_dedns4
the Commissioner determines should be considered as limited-line credit insurance.
-- Personal lines, consisting of automobile and motorcycle insurance; residential property insurance, including coverage
for flood; personal watercraft insurance; and excess liability, written over one or more underlying policies of automobile
or residential property insurance.
Producers may also be licensed as limited lines producers. Limited lines include:
-- Personal property storage insurance.
--Travel insurance.
-- Rental car agency insurance.
-- Portable electronics insurance.
-- Crop insurance.
12. Transacting insurance without a license is punishable by a fine of up to
$1,000 per violation.: Transacting insurance without a license is punishable by a fine of up to $1,000 per
violation.
13. Nonresident Producer: A person currently licensed in and a resident of another state.
An applicant for a nonresident license must be in good standing in their home state.
Resident producers of other states who move to Nevada may obtain a Nevada resident license for the same lines of
authority without having to take any education courses or examination if they apply within 90 days after the cancellation
of their previous license or after establishing legal residence.
14. Managing General Agent: Negotiates and binds ceding reinsurance contracts on behalf of an insurer,
or manages all or part of the insurance business of an insurer, including the management of a separate division or
department.
15. Change of Address: A licensee must inform the Commissioner of each change of business or residence
address within 30 days after the change.
16. Premium Reduction for Older Drivers: Insured operators 55 years of age or older must get an
appropriate reduction in premium charges for a period of 3 years if they:
-- Have successfully completed a traffic safety. course, approved by the Department of Motor Vehicles, after attaining
55 years of age and every 3 years thereafter.
