Nevada Life & Health Insurance Exam — All Questions

Which agency issues resident life and health insurance producer licenses in Nevada?

• a.Nevada Department of Financial Institutions
• b.Nevada Insurance Commission
• c.Nevada Department of Insurance
• d.Nevada Division of Insurance✓

Nevada regulates insurance through the Nevada Division of Insurance, which is part of the state's Department of Business and Industry. It is led by the Commissioner of Insurance. Note it is a Division within a larger department, not a standalone 'Department of Insurance.' This agency issues producer licenses and enforces the state's insurance laws.

In Nevada, what authorizes a person to sell both life and health insurance products?

• a.A resident insurance producer license carrying the life and the accident/health lines of authority✓
• b.A separate license issued by a different agency for each product line
• c.A surplus lines broker license
• d.A property and casualty producer license

Nevada issues a resident producer license, and the producer requests the lines of authority they qualify for. Adding both the life line and the accident and health line lets one license cover life and health products. Property/casualty and surplus lines are different lines for different products.

Before a licensed Nevada producer may transact business on behalf of a specific insurer, what generally must happen?

• a.The producer must post a surety bond with the state treasurer
• b.The producer must first sell property and casualty insurance
• c.The insurer must appoint the producer, filing the appointment with the Division of Insurance✓
• d.Nothing beyond holding a valid producer license

A license lets a person act as a producer, but to represent a particular company the insurer must appoint the producer and file that appointment with the regulator. A producer may hold appointments from more than one insurer, and appointments are how the insurer accepts responsibility for the producer's sales.

Which statement about keeping a Nevada resident producer license active is correct?

• a.The license renews automatically with no action or education by the producer
• b.Continuing education is required only during the first year and never again
• c.Once issued, the license never expires and no continuing education is ever required
• d.The license must be renewed periodically and the producer must complete continuing education, including an ethics component, each renewal period✓

Nevada, like other states, issues producer licenses for a set term and requires continuing education, including ethics hours, to renew. Letting CE or the renewal lapse can cause the license to expire, after which reinstatement rules and penalties may apply. Always confirm the current hour totals and deadlines with the regulator.