Title 57

NRS 688A.050 Payment of premiums. There shall be a provision relating to the time and place of payment of premiums. (Added to NRS by 1971, 1727)

NRS 688A.060 Grace period. There shall be a provision that a grace period of 30 days or, at the option of the insurer, of 1 month of not less than 30 days or of 4 weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than month…

NRS 688A.070 Entire contract. There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between…

NRS 688A.080 Incontestability. There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than 2 years after its date of issue, except for nonpayment of premiums, and, at the insurer’s o…

NRS 688A.090 Misstatement of age. There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premiu…

NRS 688A.100 Dividends. 1. There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other d…

NRS 688A.110 Loan secured by policy. 1. There shall be a provision that after 3 full years’ premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignme…

NRS 688A.120 Table of installments. In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments. (Added to NRS by 1971, 1729)

NRS 688A.130 Reinstatement. There must be a provision that unless: 1. The policy has been surrendered for its cash surrender value; 2. Its cash surrender value has been exhausted; or 3. The paid-up term insurance, if any, has expired, Ê the policy will be reinstated at any time w…

NRS 688A.140 Payment of claims. There shall be a provision that when the benefits under the policy become payable by reason of the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer’s option, surrender of the policy and proof of …

NRS 688A.150 Beneficiary: Industrial policies. 1. An industrial life insurance policy shall have the name of the beneficiary designated thereon or in the application or other form if attached to the policy, with a reservation of the right to designate or change the beneficiary af…

NRS 688A.160 Title. There shall be a title on the policy, briefly describing the same. (Added to NRS by 1971, 1731)

NRS 688A.165 Surrender and request for cancellation of contract or policy. 1. No annuity contract, pure endowment contract or policy of life insurance, other than a replacement contract or policy, may be delivered or issued for delivery in this state unless it contains a provisio…

NRS 688A.170 Excluded or restricted coverage. A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defen…

NRS 688A.180 Standard provisions: Annuity and pure endowment contracts. 1. No annuity or pure endowment contract, other than reversionary annuities (also called survivorship annuities) or group annuities and except as stated in this section, shall be delivered or issued for deliv…

NRS 688A.190 Annuities: Grace period. In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of 1 month, but not less than 30 days, within which any stipulated payment to…

NRS 688A.200 Annuities: Incontestability. If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, and subject to NRS 688A.220, the…

NRS 688A.210 Annuities: Entire contract. In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is e…

NRS 688A.220 Annuities: Misstatement of age or sex. In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of …

NRS 688A.230 Annuities: Dividends. If an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contra…

NRS 688A.240 Annuities: Reinstatement. In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within 1 year from the default in making stipulated payments to the insurer, unl…

NRS 688A.250 Standard provisions: Reversionary annuities. 1. Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (a) Any such reversionar…

NRS 688A.260 Provisions limiting liability. 1. No policy of life insurance shall be delivered or issued for delivery in this state if it contains any of the following provisions: (a) A provision limiting the time within which an action at law or in equity may be commenced on such…

NRS 688A.270 Prohibited provisions. 1. No life insurance policy, other than industrial life insurance, shall be delivered or issued for delivery in this state, if it contains any of the following provisions: (a) A provision by which the policy purports to be issued or to take eff…

NRS 688A.280 Provisions required by law of other jurisdiction. The policies of a foreign life insurer when issued in this state may contain any provision which the law of the state, territory, district or country under which the insurer is organized prescribes shall be in such po…

NRS 688A.281 Qualified charitable-gift annuity: Definitions. As used in NRS 688A.281 to 688A.285, inclusive, unless the context otherwise requires: 1. “Charitable-gift annuity” means an annuity payable over one or two lives issued by a charitable organization in return for a tran…

NRS 688A.282 Qualified charitable-gift annuity: Issuance does not constitute transacting insurance. The issuance of a qualified charitable-gift annuity does not constitute transacting insurance in this state. A charitable-gift annuity issued before October 1, 1999, is a qualified…

NRS 688A.283 Qualified charitable-gift annuity: Contents and form of required disclosure. In an agreement to issue a qualified charitable-gift annuity, the charitable organization shall disclose in writing to the donor that the annuity is not insurance under the laws of this stat…

NRS 688A.284 Qualified charitable-gift annuity: Required notice to Commissioner; contents of notice; further information. 1. A charitable organization that issues qualified charitable-gift annuities shall notify the Commissioner in writing on or before December 30, 1999, or the e…

NRS 688A.285 Qualified charitable-gift annuity: Effect of noncompliance; penalties. 1. Failure of a charitable organization to comply with the requirements of NRS 688A.283 or 688A.284 for disclosure or notice, or both, does not disqualify an annuity that otherwise constitutes a q…

NRS 688A.290 Short title; applicability; required provisions. 1. NRS 688A.290 to 688A.360, inclusive, shall be known as the Standard Nonforfeiture Law. Except as provided in NRS 688A.330 and 688A.340, NRS 688A.290 to 688A.360, inclusive, apply to policies of life insurance issued…

NRS 688A.300 Cash surrender value: Basic calculations. 1. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by NRS 688A.290, must be an amount not less than the excess, if any, o…

NRS 688A.305 Cash surrender value: Limitations on policies issued on or after January 1, 1987. 1. This section applies to all policies issued on or after January 1, 1987. Any cash surrender value available under the policy in the event of default in a premium payment due on any p…

NRS 688A.310 Paid-up nonforfeiture benefit. Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary must be such that its present value as of the anniversary is at least equal to the cash surrender va…

NRS 688A.315 Review of benefits and premiums for life insurance with future premium determination. In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on estimates of future expe…

NRS 688A.320 Calculation of adjusted premiums for policies issued before operative date of NRS 688A.325. 1. Except as provided in subsections 4 and 6, the adjusted premiums for any policy must be calculated on an annual basis and be such a uniform percentage of the respective pre…

NRS 688A.325 Calculation of adjusted premiums; operative date of section. 1. This section applies to all policies issued by an insurer on or after the operative date of this section as it relates to that insurer. Except as otherwise provided in subsection 7, the adjusted premiums…

NRS 688A.330 Basis for calculating adjusted premiums on industrial insurance; applicability of section. 1. In the case of industrial policies issued on or after the operative date of this section, as provided in subsection 2, all adjusted premiums and present values referred to i…

NRS 688A.340 Basis for calculating adjusted premiums and present values on ordinary policies issued after operative date of this section; election to come under this section; operative date of this section as to insurer failing to make election. 1. In the case of ordinary policie…

NRS 688A.350 Calculation of cash surrender value and paid-up nonforfeiture benefit. 1. Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, mus…

NRS 688A.360 Insurance to which NRS 688A.290 to 688A.360, inclusive, not applicable. NRS 688A.290 to 688A.360, inclusive, do not apply to any: 1. Reinsurance, group insurance, pure endowment, annuity or reversionary annuity contract. 2. Term policy of uniform amount which provide…

NRS 688A.361 Nonforfeiture provisions required in annuity contracts. No contract of annuity may be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the Commissioner are at …

NRS 688A.363 Minimum nonforfeiture amounts. 1. The minimum values, specified in NRS 688A.3631 to 688A.3637, inclusive, and 688A.366, of any paid-up annuity, cash surrender or death benefits available under an annuity contract must be based upon minimum nonforfeiture amounts as de…

NRS 688A.3631 Value of paid-up annuity benefits when benefit payments to commence. Any paid-up annuity benefit available under a contract shall be such that its present value on the date when the annuity payments are to commence is at least equal to the minimum nonforfeiture amou…

NRS 688A.3633 Value of cash surrender and death benefits before maturity. 1. For contracts which provide cash surrender benefits, such benefits available before maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of …

NRS 688A.3635 Value of paid-up annuity benefits before maturity for contracts not providing cash surrender or death benefits. For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any ti…