Nevada law lists specific ways that people in the insurance business can treat buyers, policyholders or competitors unfairly. A producer is the licensed person who sells or arranges insurance, such as an agent or broker. Producers, insurers and customers can all break these rules. Some of the rules cover what is said during a sale. Others cover what is given to win a sale, how prices are set, what is claimed after a loss and how an insurer handles that claim.
About 31 minutes
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Recommended first: Nevada's Commissioner: authority, examinations and hearings, Who needs which Nevada insurance license?. Suggestions, not required steps.
Open lesson →When a customer hands you a premium (the price paid for insurance coverage), that money is not yours. You are holding it for someone else, usually the insurer. Nevada law sets out three duties that follow from that:
About 22 minutes
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Recommended first: From application to renewal: a producer's licensing lifecycle, Recognizing unfair marketing, discrimination and claims practices. Suggestions, not required steps.
Open lesson →An insurance policy is a promise to pay. Sometimes the insurance company fails and can't keep that promise. Nevada's insurance guaranty law (Nevada Revised Statutes, chapter 687A) gives the job of paying certain unpaid claims to the Nevada Insurance Guaranty Association (NIGA). NIGA is a backup payer that steps in for a failed insurer. Its money comes from assessments, which are required charges on its member insurers (the insurance companies that belong to the association).
About 26 minutes
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Recommended first: Insurers: identity, domicile, authority and transactions. Suggestions, not required steps.
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