Property (National)
35%of exam
Casualty (National)
35%of exam
Nevada State Law
29%of exam
Producer LicensingAuto & Financial ResponsibilityCancellation & NonrenewalUnfair Trade PracticesGuaranty Association
Quick Facts
- Exam
- NV P&C Combined
- Regulator
- NV Division of Insurance
- Vendor
- Pearson VUE
- Questions
- 156 (141 scored)
- Time
- 215 min
- Pass
- Scaled score 70
- Exam fee
- $49
- Pre-license
- None required
- Retake wait
- 24 hours
Policy Parts DICE
D-I-C-E builds every insurance policy
D: DeclarationsI: Insuring agreementC: ConditionsE: Exclusions
ACV vs RCV
ACV
- Minus depreciation
- Lower payout
- Actual cash value
RCV
- Full replacement cost
- No depreciation deducted
- Like-kind and quality
Depreciation vs full payout
HO & DP Form Picker
- Renter needs contents only→HO-4(No dwelling)
- Condo unit owner→HO-6(Walls-in coverage)
- Standard owner-occupied home→HO-3(Most common)
- Want open peril, both→HO-5(Broadest form)
- Older home, repair cost→HO-8(Functional replacement)
- Named peril, budget option→HO-2(Basic broad)
- Landlord, rental dwelling→DP-3(Open peril)
- Vacant or basic peril→DP-1(Named peril only)
Key Terms & Concepts
- Peril
- Cause of loss
- Hazard
- Increases loss chance
- Moral hazard
- Dishonesty or intent
- Morale hazard
- Careless indifference
- Indemnity
- Restore, no profit
- Insurable interest
- Financial stake at loss
- Subrogation
- Insurer recovers from third party
- Salvage
- Insurer sells damaged property
HO Form Numbers
4 rents, 6 condos, 3 is standard
HO-4: renterHO-6: condoHO-3: open dwellingHO-5: open both
Named-Peril vs Open-Peril
Named-peril
- Lists covered causes
- Narrower protection
- Usually lower premium
Open-peril
- Covers all minus exclusions
- Broader protection
- Usually higher premium
Listed causes vs all-risk
Policy Provisions & Contract Law
- Declarations
- Who, what, limits, premium
- Insuring agreement
- Insurer's promise to pay
- Conditions
- Duties of both parties
- Exclusions
- Removes specific coverage
- Endorsement
- Modifies the base policy
- Warranty
- Guaranteed true statement
- Representation
- Believed true statement
- Appraisal
- Resolves loss-amount dispute
HO-4 vs HO-6
HO-4
- Renter, tenant
- Contents only
- No dwelling coverage
HO-6
- Condo unit owner
- Unit improvements covered
- Association master policy
Rent vs own unit
Valuation & Settlement
- ACV
- Replacement cost minus depreciation
- RCV
- No depreciation deducted
- Coinsurance
- Carry % or penalty
- Pro rata
- Share by policy limits
- Contribution
- Insurers share the loss
- Deductible
- Insured's retention amount
- Valued policy
- Agreed value at loss
HO Forms
- HO-2
- Broad named peril, both
- HO-3
- Open dwelling, named contentsCommon
- HO-4
- Renters, contents only
- HO-5
- Open peril, both
- HO-6
- Condo unit owner
- HO-8
- Older home, repair cost
- Section I
- Property Coverages A-D
- Section II
- Liability Coverages E-F
DP & Other Property Forms
- DP-1
- Basic named peril
- DP-2
- Broad named peril
- DP-3
- Open peril dwelling
- BOP
- Small business package
- CPP
- Modular commercial policy
- Inland marine
- Movable or transit property
- NFIP
- Federal flood insurance
Commercial Property Coverage
- Building
- Structure coverage
- BPP
- Business personal property
- Business income
- Lost profit coverage
- Extra expense
- Temporary relocation costs
- Basic form
- Named perils, narrow list
- Broad form
- More named perils
- Special form
- All perils, exclusions apply
Occurrence vs Claims-Made
Occurrence
- Loss during policy period
- Long-tail claims covered
- CGL standard trigger
Claims-made
- Claim filed during period
- Needs tail coverage
- Retroactive date applies
When loss vs when claim
NV Auto Coverage Picker
- Bodily injury to others→Part A BI(Required in NV)
- Property damage to others→Part A PD(Required in NV)
- Passenger medical bills→Part B MedPay(No-fault benefit)
- Uninsured driver hits you→UM coverage(Offered, can reject)
- Underinsured driver at fault→UIM coverage(Equal to BI)
- Your car, collision damage→Part D collision(Optional coverage)
- Theft, vandalism, or hail→Part D comprehensive(Optional coverage)
- Hit-and-run, no other car→UM, physical contact(Must report to police)
CGL Coverages
- Coverage A
- Bodily injury, property damage
- Coverage B
- Personal & advertising injury
- Coverage C
- Medical payments, no fault
- Occurrence trigger
- Loss during policy period
- Claims-made trigger
- Claim filed during period
- Supplementary payments
- Insurer-paid defense expenses
- Other insurance
- Coordinates multiple policies
- Consent to settle
- Insured approval before settling
Collision vs Comprehensive
Collision
- Upset or impact
- Hits an object
- At-fault crash damage
Comprehensive
- Theft, vandalism, hail
- Glass, flood, fire
- Other than collision
Impact vs other peril
Personal Auto Policy (PAP)
- Part A
- Liability, BI & PDRequired NV
- Part B
- Medical payments
- Part C
- Uninsured motorist
- Part D
- Physical damage, auto
- Collision
- Upset or impact loss
- Comprehensive
- Other than collision
- Split limits
- Per person, per accident
- UM/UIM
- Uninsured, underinsured motorist
Liability & Negligence
- Duty
- Legal obligation of care
- Breach
- Failure to meet duty
- Causation
- Breach caused the harm
- Damages
- Legally recognized loss
- Vicarious liability
- Responsible for another's acts
- General damages
- Non-economic harm
- Special damages
- Measurable economic loss
- Punitive damages
- Punish, deter conduct
Bonds & Workers Comp
- Principal
- Promises performance
- Obligee
- Receives the promise
- Surety
- Guarantees performance
- Fidelity bond
- Covers employee dishonesty
- WC Part One
- Statutory benefits, no fault
- WC Part Two
- Employers liability, outside statute
- Exclusive remedy
- WC bars most suits
- Umbrella
- Excess plus broader coverage
NV Auto Minimums
25 person, 50 accident, 20 property damage
25: BI per person50: BI per accident20: property damageTort, at-fault state
UM vs UIM
UM
- No liability insurance
- Includes hit-and-run
- Needs physical contact
UIM
- Insufficient liability limit
- At-fault driver identified
- Equal to BI limit
No insurer vs too little
NV Cancellation Notice Picker
- Nonpayment of premium→10 days notice(NRS 687B)
- Other midterm cancellation reason→30 days notice(Fraud, misrep, hazard)
- Personal lines nonrenewal→30 days notice(NRS 687B.340)
- Commercial lines nonrenewal→60 days notice(NRS 687B.340)
- Change in terms at renewal→30 days notice(NRS 687B.350)
- Insurer misses required notice→Must renew as-is(Same expiring terms)
NV Regulation Basics
- NV DOI
- Primary insurance regulator
- Commissioner
- Appointed, not elected
- NRS 679B.130
- Commissioner's rulemaking power
- Domestic insurer
- Organized under Nevada law
- Foreign insurer
- Organized under another state
- Authorized insurer
- Holds NV certificate
- Unauthorized insurer
- No NV certificate
Unfair Trade Trio
Twist to replace, churn for cash, rebate to lure
Twisting: misleads to replaceChurning: needless commission replaceRebating: unlisted inducement
Admitted vs Surplus Lines
Admitted
- NV certificate of authority
- Guaranty fund applies
- Standard market first
Surplus lines
- Non-admitted insurer
- Diligent search required
- No guaranty fund
Standard market vs last resort
NV Producer Licensing
- Min age
- 18 years old
- Pre-licensing
- Not required, recommended
- Application
- Via Sircon, $185
- Fingerprinting
- IdentoGO, $60, within 90 days
- Exam validity
- 1 year to apply
- License term
- 3 years
- CE requirement
- 30 hours per term
- Ethics CE
- 3 hours minimum
NV Notice Periods
10 nonpay, 30 personal, 60 commercial
10 days: nonpayment30 days: personal lines60 days: commercial lines30 days: renewal changes
Cancellation vs Nonrenewal
Cancellation
- Ends policy midterm
- 10 or 30 day notice
- Limited allowed reasons
Nonrenewal
- Ends at expiration
- 30 or 60 day notice
- Broader insurer discretion
Midterm end vs term end
NV Auto & Financial Responsibility
- Min liability limits
- $25k/$50k/$20kSince 2018
- Prior limits
- 15/30/10 before July 2018
- Tort state
- At-fault driver pays
- Comparative fault
- Modified, 50% bar rule
- UM/UIM offer
- Equal to BI limit
- Rejection
- Must be in writing
- Hit-and-run UM
- Needs physical contact
NV Cancellation & Nonrenewal
- Nonpayment cancel
- 10 days notice
- Other midterm cancel
- 30 days notice
- Personal lines nonrenewal
- 30 days notice
- Commercial nonrenewal
- 60 days notice
- Renewal term change
- 30 days notice
- Governing statute
- NRS 687B.310-.420
NV Unfair Trade Practices
- Twisting
- Misleads to replace policy
- Churning
- Replaces for commissions only
- Rebating
- Unlisted inducement to buy
- Misrepresentation
- False policy statement
- Governing statute
- NRS 686A.600-.730
- Countersignature
- Unenforceable vs nonresidents
NV Guaranty & Misc Rules
- NIGA
- Pays claims, insolvent insurer
- NIGA excludes
- Surety, fidelity bonds
- Surplus lines
- Non-admitted market access
- Diligent search
- Document admitted-market attempts
- Binder
- Temporary evidence of coverage
- Record retention
- 3 years, producers
Common Traps
Scaled score vs raw percent
Pass = scaled score 70 ≠ Not 70% raw correct
Renter vs condo form
HO-4 is renter form ≠ HO-6 is condo form
Peril vs hazard
Peril causes the loss ≠ Hazard increases loss chance
ACV vs replacement cost
ACV subtracts depreciation ≠ RCV pays full replacement
Cancellation vs nonrenewal notice
Cancellation is 10-30 days ≠ Nonrenewal is 30-60 days
Comparative fault 50% bar
50% or less recovers ≠ Over 50% bars recovery
NIGA coverage gaps
NIGA covers most P&C ≠ Surety, fidelity bonds excluded
Exam vendor confusion
Pearson VUE runs NV exam ≠ Prometric, PSI are wrong
Last Minute
- 1.156 Q, 141 scored, 215 min
- 2.Pass: scaled score 70, not 70%
- 3.Pearson VUE exam, NV DOI regulates
- 4.No pre-licensing education required
- 5.Auto minimums 25/50/20 (2018)
- 6.Modified comparative fault, 50% bar
- 7.UM/UIM offered, written rejection allowed
- 8.Nonpayment cancel: 10 days notice
- 9.Personal nonrenewal 30 days, commercial 60
- 10.License term 3 years, 30 CE
- 11.3 ethics hours required per term
- 12.Retake wait 24 hours, no limit
- 13.Fingerprint via IdentoGO within 90 days
- 14.NIGA excludes surety, fidelity bonds
- 15.Countersignature unenforceable vs nonresidents
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