NV Property & Casualty study guide
NV Property & Casualty · Work through your exam, one topic at a time.
The Nevada Property & Casualty producer license is the credential that allows you to sell, solicit, and negotiate residential and commercial property and casualty insurance in Nevada. The Nevada Division of Insurance issues producer licenses, while Pearson VUE administers the qualifying licensing exams at test centers or through OnVUE online proctoring. The NV Property & Casualty study guide has 10 sections and about 3,324 words.
01Insurance Regulation
Insurance is regulated primarily by the states, not the federal government. The McCarran-Ferguson Act (1945) confirmed state authority over the business of insurance while permitting limited federal antitrust oversight.
362 words, about 2 min02General Insurance Concepts
Risk is uncertainty about loss; a peril is the cause of loss (fire, wind, theft); a hazard increases the chance or severity of loss. Physical hazards are tangible conditions (oily rags, icy steps); moral hazards involve dishonest intent; morale hazards involve carelessness (leaving keys in the car).
363 words, about 2 min03Property Insurance Basics
Declarations identify the insured, property, location, limits, and deductibles. The insuring agreement grants coverage; conditions state duties after loss, appraisal, and the mortgage clause; exclusions and definitions narrow and clarify the grant.
334 words, about 2 min04Casualty Insurance Basics
Four elements must be proven: legal duty, breach of that duty, proximate cause, and actual damages. Defenses include contributory negligence (bars recovery in a few jurisdictions), comparative negligence (reduces the award in proportion to fault, with modified versions barring recovery at 50% or 51%), assumption of risk, and intervening cause.
305 words, about 2 min05Dwelling Policy
The dwelling program is designed for residential risks that do not fit the homeowners program: rented or tenant-occupied dwellings, and owner-occupied dwellings with up to five roomers or boarders. Farm risks are ineligible.
347 words, about 2 min06Homeowners Policy
HO-2 broad form, HO-3 special form (open peril on Coverages A and B, broad named perils on C), HO-5 comprehensive (open peril on both), HO-8 modified for older homes (functional replacement cost). HO-4 covers tenants, HO-6 covers condominium unit owners including building items and loss assessment, and HO-7 covers mobile homes.
308 words, about 2 min07Personal Automobile Policy
Part A liability (bodily injury and property damage), Part B medical payments, Part C uninsured/underinsured motorists, Part D damage to your auto (collision and other than collision), Part E duties after an accident, and Part F general provisions. Defense costs and supplementary payments are paid in addition to the liability limits.
329 words, about 2 min08Commercial Package Policy
The commercial package policy combines at least two coverage parts under one policy: commercial property, commercial general liability, commercial auto, crime, inland marine, boiler and machinery, farm, or liquor liability. Common declarations, common conditions, and interline endorsements sit on top, while each coverage part keeps its own insuring agreement, exclusions, and limits.
311 words, about 2 min09Businessowners Policy
The businessowners policy bundles property, business income, and liability for small and medium businesses that fit eligible classes - typically apartments, offices, and retail, service, and processing risks. Manufacturing, auto sales and repair, bars, banks, and other high-hazard or oversized risks are ineligible and must be written on a commercial package instead.
321 words, about 2 min10Workers' Compensation Insurance
Workers compensation is a no-fault statutory system. Employees give up the right to sue the employer for work-related injuries, and the employer pays scheduled benefits regardless of fault.
344 words, about 2 min