Property and Casualty Insurance Nevada State Law Supplement Questions and Answers 100% Correct

Property and Casualty Insurance Nevada State Law Supplement Questions and Answers 100% Correct A certificate of authority gives a(n) - Answer- Company authority to transact insurance in Nevada A characteristic unique to surplus lines insurance is that it - Answer- May be written with unauthorized insurers provided there are no authorized insurers selling that type of policy in Nevada The commissioner must examine authorized insurers at least one every - Answer- 5 years Which of these insurance professionals investigates or settles claims for a fee or commission - Answer- Adjuster A producer offers a prospective buyer a trip to Jamaica in order the persuade him to buy a policy. If the prospect purchases the policy and takes the trip, the producer will have committed which violation? - Answer- Rebating An applicant for a producer license must - Answer- Pass an examination unless exempt Would a person who works in an agent's office and advises the public about the benefits and terms of insurance policies be required to take and examination for a producers license? - Answer- Yes Within how many days after receiving notice of a claim must insurers begin investigating the claim? - Answer- 20 days A commissioner has the duties of - Answer- A. Examining domestic insurers B. Enforcing insurance laws C. Authorizing insurers to transact business in Nevada Using misrepresentation to induce a policy owner to replace a policy is called - Answer- Twisting Insurers may be classified according to the jurisdiction under which they are organized. The main classifications are - Answer- Domestic, foreign, alien How long must a producer's records remain open to inspect by the commissioner? - Answer- 3 years after the policy expires A policy that has been in effect for more than 70 days CANNOT be cancelled because of - Answer- Insured has filed several small claims and the company does not wish to continue to provide coverage Transacting insurance includes - Answer- Soliciting