Nevada Statutes-Health and Life Insurance Test
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Terms in this set (78)
insurance company that is incorporated in this state.
Domicile is when e company's home office is in the
Domestic insurer state in which it was formed. If a company was
chartered in Nevada it would be a Nevada
domesticated company.
An insurance company that is incorporated in another
Foreign insurer state or territorial possession. A company chartered in
California would be a foreign company in New York
Insurance company that is incorporated outside the
Alien insurer
United States
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 companies
stock insurance companies. Issue nonparticipating
policies where policy owners don't share profits or
losses-- no dividends to policyholders but tax
dividends to stockholders
owned by the policy owners and issue participating
policies. With participating policies, policy owners are
Mutual companies
entitled to dividends which in this case are return of
excess premiums and are nontaxable.
, - investigation, settlement of litigation claims
- liquidation of assets of the insurer
Insurers are not required o - transactions written and delivered out of the state
hold certificate of - lawsuits
authority for the following -surpluses
instances: - actions related to the insurers rights
-reinsurance
- issuance of annuities by an affiliate
- organize, manage, and supervise all the activities of
the insurance department
General powers, duties,
- enforce provisions of the insurance code
and responsibilities of the
- adopt regulations necessary to carry out the
commissioner include, but
provisions of the insurance code
are not limited to:
- conduct examinations and investigations of all
insurance matters
Done by commissioner to ensure insurance
companies are abiding by the rules. Must be done at
least every 5 years. Must examine every insurance
Examinations 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.
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
Notice and hearing
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.
Questions and Answers
Save
Terms in this set (78)
insurance company that is incorporated in this state.
Domicile is when e company's home office is in the
Domestic insurer state in which it was formed. If a company was
chartered in Nevada it would be a Nevada
domesticated company.
An insurance company that is incorporated in another
Foreign insurer state or territorial possession. A company chartered in
California would be a foreign company in New York
Insurance company that is incorporated outside the
Alien insurer
United States
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 companies
stock insurance companies. Issue nonparticipating
policies where policy owners don't share profits or
losses-- no dividends to policyholders but tax
dividends to stockholders
owned by the policy owners and issue participating
policies. With participating policies, policy owners are
Mutual companies
entitled to dividends which in this case are return of
excess premiums and are nontaxable.
, - investigation, settlement of litigation claims
- liquidation of assets of the insurer
Insurers are not required o - transactions written and delivered out of the state
hold certificate of - lawsuits
authority for the following -surpluses
instances: - actions related to the insurers rights
-reinsurance
- issuance of annuities by an affiliate
- organize, manage, and supervise all the activities of
the insurance department
General powers, duties,
- enforce provisions of the insurance code
and responsibilities of the
- adopt regulations necessary to carry out the
commissioner include, but
provisions of the insurance code
are not limited to:
- conduct examinations and investigations of all
insurance matters
Done by commissioner to ensure insurance
companies are abiding by the rules. Must be done at
least every 5 years. Must examine every insurance
Examinations 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.
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
Notice and hearing
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.
