What is the penalty for transacting insurance without a license?

Transacting insurance without a license is considered a serious offense in Nevada, and the law imposes significant penalties to ensure compliance and protect consumers. The correct answer reflects that a fine of up to $1,000 can be levied against individuals who engage in such activities without the appropriate licensing. This financial penalty serves as a deterrent, emphasizing the importance of maintaining licensure and adhering to regulations in the insurance industry.

Choosing a fine of up to $1,000 acknowledges the severity of the violation, aligning with state regulations that aim to uphold industry standards. The other options, while they may include potential penalties, do not capture the specific monetary consequence set forth in Nevada's insurance laws for unlicensed transactions as accurately as the option chosen.