Chapter 6
How many days does a nonresident producer have to file a change of address when the agent moves to Nevada from another state?
30 days
An insurance application cannot ask about which of the following information about an applicant?
sexual orientation
What is a foreign insurer?
An insurer with a home office in another state
Which of the following actions by an insurance company will cause an examination by the commissioner?
Application for an initial Certificate of Authority.
Which of the following must an insurer obtain in order to transact insurance within a given state?
Certificate Authority
Which of the following licensees are not compensated directly related to the amount of insurance sold?
Insurance consultant
Which of the following best describes an insurance company that has been formed under the laws of this state?
domestic
When a producers appointment with the insurer is terminated, who must notify the commissioner?
the appointing insurer
Should any person willfully engage in an unauthorized insurance transaction, the Commissioner may impose an administrative fine or penalty of up _________.
$10,000 for each and every act
A producer who has allowed his or her license to lapse may reinstate the license without retaking the examination within what maximum time period?
12 months
How many hours of approved continuing education within a 3-year period are required?
30
On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is the company guilty of?
Misrepresentation
Which of the following is an example of an agents fiduciary responsibilities?
Promptly forwarding premiums to the insurance company
The commissioner of insurance is responsible for all of the following actions EXCEPT
Setting premium rates
Which of the following is an example of a producer being involved in an unfair trade practice of rebating?
Telling a client that his first premium will be waived if he purchased the insurance policy today
When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charged him a higher rate for his insurance. This practice is considered
discrimination
When doing business in this state, an insurance company that is formed under the laws of another state is known as which type of insurer?
foreign
The mechanism used by individuals to transfer their risk of loss to a larger group of individuals that have similar exposures to loss, is called
insurance
