Final answer:
An individual or company required to obtain a license from the Commissioner to transact insurance in Nevada is most accurately defined as an insurance agent. These agents play a key role in the state-regulated U.S. insurance industry, selling policies on behalf of insurance companies, for which clients pay premiums.
Step-by-step explanation:
An individual or company who conducts insurance transactions in the state of Nevada must be licensed by the Commissioner according to state regulations. This entity is likely to be either an insurance agent, adjuster, broker, or underwriter. However, the correct term for an individual or company specifically required to be licensed to transact insurance in a state-like Nevada is an insurance agent.
The U.S. insurance industry is subject to state regulation, which aims not only to make insurance affordable but also to ensure accessibility for all. The National Association of Insurance Commissioners (NAIC) plays a role in coordinating these state-level efforts. A license, in this context, serves as an occupational license signaling that the agent has met the education and testing requirements necessary to act on behalf of insurance companies or clients to sell insurance policies, which often involve the payment of a premium by the client.