Nevada Life Insurance (NV)

NeVada Life Insurance Laws (NV)

Insurance laws in Nevada are in place to protect both insurers and insurance customers. The regulations in place include:

Under Title 57 of the Nevada Revised Statutes, the insurance industry of the state is regulated. These laws protect you, the life insurance consumer, by overseeing claims procedures and policy requirements throughout Nevada.

A “10-day” free look” period is one protection, allowing new life insurance policyholders a minimum of ten days after purchasing their policy to change their mind and get a full refund on all premiums paid.

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During your application period, your life insurance company should provide you with a list of all personal information required. Your signature is required before the insurer can obtain or release any of your history, including confidential medical records.

Nevada regulations to Protect Insurers (NV)

A 2-year “contestability clause” is in place to protect life insurance companies. This allows insurers two years from the date the policy was purchased to investigate the insured, should a claim be made. Any false statements or misrepresentation found may result in a denial of death benefits. If fraud is suspected, the two year window may be extended accordingly.

Suicide is exempt from death benefits for the first two years of a life insurance policy.

Additional NeVada Life Insurance Regulations (NV)

Nevada law allows individual life insurance companies to follow their own claims procedures, as long as the insured is notified of such information in their policy.

Financial projections made by an insurance company, known as Insurance Illustrations, are legal in the state of Nevada. They are regulated under Nevada Administrative Code 686A.460 - .479.

Viatical settlements are also allowed and regulated in Nevada. This is an agreement between an insured individual and a third party. The third party “purchases” the life insurance policy of the insured, making all required payments. This makes him the uncontestable beneficiary to the policy.

In the event that your life insurance company becomes insolvent, your policy will most likely be backed by the Nevada Life & Health Insurance Guaranty Association, as long as your insurer is licensed in the state of Nevada and your policy premiums are up to date. The Guaranty Association accepts fees from all licensed insurers, and in turn will compensate some of lost policy, should the insurer go bankrupt. Restrictive limits are set at $300,000 for a lost death benefit and $100,000 compensation for cash surrender.

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Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.

Last Updated: June 16, 2009