Nevada Life Study Guide

Nevada’s required life provisions are not subdivisions of one section but twelve separate sections, NRS 688A.050 to 688A.160, pulled in by NRS 688A.040(1). Read all twelve: the free look and the suicide clause are missing, each elsewhere in chapter 688A. Nevada then rewrites most of those rules again for annuities, altering one detail each time.

One free-look section, two products, two counts

NRS 688A.165 opens “No annuity contract, pure endowment contract or policy of life insurance, other than a replacement contract or policy,” which is why it needs no annuity twin. Subsection (1) sets 10 days and refunds the premium “including any contract or policy fees or other charges.” Subsection (3) lifts out industrial life. Subsection (2) is where the mark goes: 30 days when the contract replaces another — next subsection, and the trigger is the transaction rather than the product. Both counts are floors, and NRS 688A.180(1) pulls the section into the annuity package.

Suicide hides in “Provisions limiting liability”

The suicide clause is in neither the required-provisions run nor the prohibited-provisions section. Nevada drafts it as a prohibition with five permitted exceptions at NRS 688A.260, pin cited three levels deep to 688A.260(1)(b)(5): “Death within 2 years from the date of issue of the policy as a result of suicide, while sane or insane.” The other four: war or military service, aviation, hazardous occupation or avocation, residence outside the continental United States and Canada.

Do not stop there. 688A.260(2) makes any policy using a subsection (1)(b) exclusion pay “not less than a reserve determined according to the Commissioners Reserve Valuation Method.” A Nevada suicide inside the two years is not a zero payout.

Incontestability, and the section that outlives it

NRS 688A.080 requires incontestability after the policy has been in force during the insured’s lifetime “for a period of not more than 2 years” — a ceiling on the contestable period, not a guarantee of one. Carve-outs: nonpayment, and at the insurer’s option the total-and-permanent-disability and accidental-death provisions. NRS 688A.170 then narrows it, preserving “defenses based upon provisions in the policy which exclude or restrict coverage” — so the suicide exclusion survives into year three.

Grace, reinstatement, misstatement: pairs off by one

Grace for individual life is NRS 688A.060: 30 days, or at the insurer’s option “1 month of not less than 30 days,” with interest “not in excess of 6 percent per annum.” NRS 688A.190 gives an annuity “1 month, but not less than 30 days” — life offers two formulas, the annuity section states the month and floors it.

Reinstatement runs 3 years from default under NRS 688A.130, on evidence of insurability and arrears “and any interest due thereon” — no rate at all — and is defeated by surrender for cash value, exhaustion of that value, or expiry of the paid-up term insurance. The six percent belongs to 688A.060 and to NRS 688A.240, which caps annuity reinstatement interest at 6 percent and allows 1 year. Misstatement repeats the shape: NRS 688A.090 is age alone, NRS 688A.220 age or sex.

Two death-claim clocks, an uncapped loan rate, nonforfeiture

NRS 688A.140 is a required policy provision capping what may be drafted: a settlement period “shall not exceed 2 months from the receipt of such proofs.” NRS 688A.410 is a freestanding statutory duty to pay “not more than 30 days after the death of the insured,” with late interest at a floor rate running from the date of death — not from proof, not from day 31. Group life is identical at NRS 688B.190.

No percentage governs loans: NRS 688A.110(1) allows one after “3 full years’ premiums have been paid,” at a rate “as may be approved by the Commissioner,” and subsection (2) exempts term and industrial life. Under NRS 688A.290(2) the paid-up benefit is elected within 60 days of the premium due date in default, cash surrender after 3 full years’ premiums, 5 for industrial.

Conversion, and the viator’s shorter-of window

NRS 688B.120 gives 31 days from termination of employment or eligible-class membership, without evidence of insurability, at the attained age, on any form the insurer issues except term — and note where each piece sits: the 31 days is in the chapeau, before “provided further that,” while subsections (1) to (3) are the three provisos it introduces. NRS 688B.160(2) and (3) add what summaries drop: absent notice 15 days before those 31 expire, an added period runs to 15 days after notice, never beyond 60 days past expiry.

NRS 688C.095 defines the rescission period a section away from the right itself: “the shorter period of 60 days” after signing by all parties “or 30 days after the viator receives the proceeds” — shorter of, so payment closes the window early. NRS 688C.300(1) demands both notice and repayment inside it; 688C.300(4) gives a purchaser 3 business days.