Nevada Statutes and Regulations Common to All Lines

Which of the following criminal activities would be sufficient violation to warrant rejection, revocation, or suspension of an insurance producers license?

forgery

Which of the following is NOT a duty of the commissioner?

Develop insurance rates

Which of the following best describes an insurance company that has been formed under the laws of this state?

Domestic

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

Producers must complete how many hours of continuing education on the subject of ethics every licensing period?

3 hours

If a person is charged with a category D felony for committing insurance fraud, what would be the maximum time of imprisonment?

4 years

The duties of a managing general agent may include all of the following except

Altering policies.

Which of the following is an example of an agent's fiduciary responsibilities?

An agent promptly forwarding premiums to the insurance company

Which of the following actions by an insurance company will cause an examination by the Commissioner?

Application for an initial Certificate of Authority.

To be eligible for a resident producers license in Nevada, an applicant must meet all of the following eligibility requirements except

Be licensed as a solicitor for a least one year prior to application

In life insurance, agents are permitted to share or split commissions, provided that

Both are properly licensed for the line of insurance

When an agent is handling premium funds while conducting business, the insurance agent acts in a(n)

Fiduciary capacity

Which of the following licensees are not compensated directly related to the amount of insurance sold?

Insurance consultant

Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting?

Stock

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 purchases the insurance policy today