Nevada Life, Accident & Health Insurance
Regulations Exam Questions and Answers
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Terms in this set (492)
The Commissioner of Insurance has the power to
Commissioner make and enforce rules and regulations to implement
the insurance laws of Nevada.
The Commissioner may conduct a financial
examination of any insurance company as often as
Examination of records deemed appropriate in order to determine the
solvency of the company. At the very least, a
company shall be examined once every 5 years.
The Commissioner may hold a hearing whenever
Hearing deemed necessary. The Commissioner must give at
least 20 days' written notice of a hearing.
If, after the hearing, the Commissioner finds that an
insurer or producer has violated the insurance code,
he/she can deny, suspend, revoke, or refuse to renew
Penalties
a license or certificate of authority. A fine of $25-
$500 may be imposed for each violation and must be
paid within 30 days or licensed can be revoked.
, The term insurance transaction includes any of the
following activities involving the business of insurance:
Solicitation or inducement, Negotiations, Effectuation
Transacting Insurance
of a contract of insurance, Advising an individual
concerning coverage or claims, Collecting premiums,
Indirectly acting as an insurance producer.
A premium is consideration or payment for insurance
Premium coverage. Premiums are sometimes called
assessments, policy fees, or service fees.
A producer of insurance is a person required to be
Insurance producer licensed under the laws of the state to sell, solicit, or
negotiate insurance.
An individual who in any manner sells, solicits, or
Insurance producer negotiates insurance on behalf of insurance
(definition) companies for compensation is an insurance
producer.
A managing general producer is appointed by an
Managing general insurer to supervise the insurer's business in Nevada.
producer This person is an independent contractor who may
appoint and terminate producers for the insurer.
An insurance broker in Nevada solicits, negotiates, or
Broker procures insurance and is a representative of the
insured.
An insurance consultant is a person who, for a fee,
offers advice to the public on the benefits and
Consultant
drawbacks of any insurance policy that can be issued
in Nevada. A consultant must hold a license.
A person may be licensed to transact limited lines of
insurance. This authority extends to credit life
Limited lines producer insurance, including life, disability, property, mortgage
life, and any type of insurance that is related to an
extension of credit.
Regulations Exam Questions and Answers
Save
Terms in this set (492)
The Commissioner of Insurance has the power to
Commissioner make and enforce rules and regulations to implement
the insurance laws of Nevada.
The Commissioner may conduct a financial
examination of any insurance company as often as
Examination of records deemed appropriate in order to determine the
solvency of the company. At the very least, a
company shall be examined once every 5 years.
The Commissioner may hold a hearing whenever
Hearing deemed necessary. The Commissioner must give at
least 20 days' written notice of a hearing.
If, after the hearing, the Commissioner finds that an
insurer or producer has violated the insurance code,
he/she can deny, suspend, revoke, or refuse to renew
Penalties
a license or certificate of authority. A fine of $25-
$500 may be imposed for each violation and must be
paid within 30 days or licensed can be revoked.
, The term insurance transaction includes any of the
following activities involving the business of insurance:
Solicitation or inducement, Negotiations, Effectuation
Transacting Insurance
of a contract of insurance, Advising an individual
concerning coverage or claims, Collecting premiums,
Indirectly acting as an insurance producer.
A premium is consideration or payment for insurance
Premium coverage. Premiums are sometimes called
assessments, policy fees, or service fees.
A producer of insurance is a person required to be
Insurance producer licensed under the laws of the state to sell, solicit, or
negotiate insurance.
An individual who in any manner sells, solicits, or
Insurance producer negotiates insurance on behalf of insurance
(definition) companies for compensation is an insurance
producer.
A managing general producer is appointed by an
Managing general insurer to supervise the insurer's business in Nevada.
producer This person is an independent contractor who may
appoint and terminate producers for the insurer.
An insurance broker in Nevada solicits, negotiates, or
Broker procures insurance and is a representative of the
insured.
An insurance consultant is a person who, for a fee,
offers advice to the public on the benefits and
Consultant
drawbacks of any insurance policy that can be issued
in Nevada. A consultant must hold a license.
A person may be licensed to transact limited lines of
insurance. This authority extends to credit life
Limited lines producer insurance, including life, disability, property, mortgage
life, and any type of insurance that is related to an
extension of credit.
