Nevada Statues & Regulations 2

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Question 1 of 10

1. Question

A nonadmitted insurance carrier who offers insurance protection coverages that are not available from an Authorized carrier is known as?

A. Stock insurer
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B. Mutual insurer
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C. Reciprocal insurer
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D. Surplus lines insurer
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Question 2 of 10

2. Question

What is the maximum amount a surplus lines broker can add to a policy for their services for obtaining a policy for their clients?

A. No fees
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B. 0% of the premium
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C. 20% of the premium
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D. 50% of the premium
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Question 3 of 10

3. Question

If the insurance company decides not to renew a business policy, how much written notice must be given to the policyowner?

A. 30 days before the expiration of the policy
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B. No notice needs to be given to the policyowner
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C. 60 days before the expiration of the policy
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D. The Agent must call the policyowner and inform them of the nonrenewal
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Question 4 of 10

4. Question

An insurance company cannot delay claim payments for any damage to an auto after the repair shop has provided?

A. A repair estimate
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B. A completed claim form for the insurance company
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C. An estimated repair form from the repair shop approved by the Insurance carrier
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D. A statement of charges from any repair shop previous authorized to perform the required repairs by that claim
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Question 5 of 10

5. Question

Each licensed motor vehicle physical damage appraiser must obtain a surety bond in favor of the people of the State of Nevada and conditioned for the faithful performance of required duties in the amount of

A. $1,000
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B. $1,500
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C. $2,500
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D. $1 Million
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Question 6 of 10

6. Question

What is the maximum number of days a binder can be effective without approval by the Commissioner?

A. 10 days
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B. 30 days
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C. 90 days
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D. A binder can be issued with no expiration date
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Question 7 of 10

7. Question

If the Commissioner fails to review a proposed rate within 60 days, the rate proposal can be considered

A. Approved
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B. Unlawful
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C. Disapproved
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D. Ignored
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Question 8 of 10

8. Question

Which of the following statements is incorrect?

A. Motor vehicle physical damage appraiser must post a surety bond of $2,500 in favor of the people of the State of Nevada
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B. Anyone acting as a motor vehicle physical damage appraiser is subject to a fine of up to $1,000 for each and every violation.
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C. Motor vehicle physical damage appraiser must obtain a $1 Million surety bond
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D. Motor vehicle physical damage appraiser must be properly licensed
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Question 9 of 10

9. Question

Who can countersign a policy issued in this state?

A. The policy applicant
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B. An underwriter
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C. A Solicitor of the licensed Agent
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D. An appointed and licensed agent
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Question 10 of 10

10. Question

How soon after receiving a statement of charges for completed repairs must the insurance company issue a check?

A. Within 5 days
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B. Within 10 days
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C. Within 30 days
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D. Within 24 hours
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