NV Common Law Quiz with 100% Correct Answers

NV Common Law Quiz with 100% Correct Answers A foreign insurer has its home office where? a. In this State b. In a state other than Nevada c. In more than one state d. In another country - Answer- b. In a state other than Nevada... Books and records related to the business of insurance must be kept for how long? a. 1 year b. 4 years c. 2 years d. 5 years - Answer- d. 5 years All of the following would be practices prohibited by Nevada's Unfair Discrimination laws except: a. Denying coverage to women who are gainfully employed by relatives when coverage is offered to men who are similarly employed b. Denying policy riders to women when the riders are available to men c. Denying maternity coverage to unmarried women when such coverage would be made available to married applicants. d. Treating a complication of pregnancy the same as any other illness or sickness covered by the policy - Answer- 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 a. The license is good for five years between renewals b. The license is perpetual, it remains in effect unless revoked, suspended or otherwise terminated c. If a producer's license should lapse he or she is given 2 years to reinstate d. If a person requests renewal of his or her license within 30 days after the license has lapsed, he or she may reinstate subject to fees, penalty and completion of continuing education. - Answer- 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? a. Complete pre license training b. Pass an examination, submit fingerprints, be a good person c. Be a resident of Nevada for at least one year d. Pay all applicable licensing fees - Answer- c. Be a resident of Nevada for at least one year All of the following are true regarding an administrator except: a. An administrator is a person who directly underwrites insurance coverages provided by an employer for his or her employees b. An administrator includes a person who administers a program of self insurance for an employer c. The term administrator includes a life and health producer who limits his or her activities to the sale of insurance d. A person may not hold himself or herself out as an administrator unless such person is properly licensed as such by the Commissioner - Answer- 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? a. Such person is exempt from continuing education requirements b. No fees are due while the license is suspended c. A license may be suspended without prior notice d. All applicable fees, including renewal fees, and continuing education is required to be completed during the time of the suspension - Answer- 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: a. Information regarding the policy of insurance on the property to which the claim relates b. Information on previous claim made by the insured c. Records of the premiums paid for the policy of insurance d. Results of a polygraph test - Answer- d. Results of a polygraph test What must you do if your license is suspended or revoked? a. Hide it from the public b. Shred it c. Surrender the license immediately to the Commissioner d. Send it to the Governor of Nevada - Answer- c. Surrender the license immediately to the Commissioner Which of the following statements is correct regarding an administrator? - Answer- 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? a. You are allowed to put the money in our personal account b. You are allowed to put the money in your business account c. Commingling is permissible d. The funds must be kept separate from all other funds, deposited in a fiduciary account - Answer- 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: a. The person moved and didn't get his or her renewal notice b. Due to military service c. Due to extended medical disability d. Due to extenuating circumstances - Answer- 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? a. A misdemeanor b. A category A felony c. A category B felony d. A category D felony - Answer- d. A category D felony A certificate of registration as an administrator is valid for how many years? a. 1 b. 2 c. 3 d. 4 - Answer- c. 3 The statute of limitations to be found guilty of engaging in willful unauthorized insurance is how long? a. 1 year b. 2 years c. 3 years d. 5 years - Answer- d. 5 years