Contracts of Insurance (formation, policy forms, cancellation and nonrenewal, claims, provisions applicable to all insurers)

What this document is

NRS Chapter 687B - Contracts of Insurance (formation, policy forms, cancellation and nonrenewal, claims, provisions applicable to all insurers) is a state statute published by Nevada Legislature (leg.state.nv.us). It is one of the Nevada documents that insurance license exam questions are written from, including nevada life & health, nevada property & casualty, nevada personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• NRS ch. 687B § 687B.100(1) (Application as Evidence)

  “No application for the issuance of any life or health insurance policy or annuity contract shall be admissible in evidence in any action relative to such policy or contract, unless a true copy of the application was attached to or otherwise made a part of the policy or contract when issued. This...”

• NRS ch. 687B § 687B.110 (Representations in Applications)

  “All statements and descriptions in any application for an insurance policy or annuity contract, by or in behalf of the insured or annuitant, shall be deemed to be representations and not warranties.”

• NRS ch. 687B § 687B.310(6) (Cancellations and Nonrenewals: Notice Requirements)

  “Any notice to an insured required pursuant to NRS 687B.320 to 687B.350, inclusive, must be personally delivered to the insured or mailed first class or certified to the insured at the address of the insured last known by the insurer. The notice must state the effective date of the cancellation or...”

• NRS ch. 687B § 687B.352(1) (Medicare Supplemental Policies: Open Enrollment)

  “An insurer that issues a Medicare supplemental policy shall offer to a person currently insured under any such policy an annual open enrollment period commencing with the first day of the birthday month of the person and remaining open for at least 60 days thereafter, during which the person may...”

• NRS ch. 687B § 687B.210(1) (Payment Discharges Insurer)

  “Whenever the proceeds of or payments under a life or health insurance policy or annuity contract issued before, on or after January 1, 1972, become payable in accordance with the terms of the policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment...”

• NRS § 687B.320(1) (Policies Other Than Industrial Insurance Policies: Grounds for Midterm Cancellation; Notice to Policyholder)

  “Except as otherwise provided in subsection 3, no insurance policy that has been in effect for at least 70 days or that has been renewed may be cancelled by the insurer before the expiration of the agreed term or 1 year from the effective date of the policy or renewal, whichever occurs first, except...”

• NRS § 687B.060 (Insurable Interest: Property)

  “No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. 2. “Insurable interest” as used in this section...”

• NRS § 687B.145(2) (Provisions in Policies of Casualty Insurance: Uninsured and Underinsured Vehicle Coverage)

  “Except as otherwise provided in subsection 5, insurance companies transacting motor vehicle insurance in this State must offer, on a form approved by the Commissioner, uninsured and underinsured vehicle coverage in an amount equal to the limits of coverage for bodily injury sold to an insured under...”

• NRS § 687B.182 (Binders: Issuance; Period of Effectiveness)

  “A binder may be issued only by a resident or nonresident agent appointed by the insurer which is to issue the policy. 2. Except as provided in subsection 3, a binder must not be effective for more than 90 days. 3. The effective period of a binder may be extended 30 days at a time with the written...”

• NRS § 687B.110 (Representations in Applications)

  “All statements and descriptions in any application for an insurance policy or annuity contract, by or in behalf of the insured or annuitant, shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealment of facts and incorrect statements shall not prevent a...”

• NRS § 687B.460 (Certificates of Insurance for Property or Casualty Insurance: Not Part of, Amend Any Term of or Alter or Expand Coverage, Exclusion or Condition of Contract or Policy)

  “A certificate of insurance issued regarding a contract or policy of property or casualty insurance, other than a group master policy, which is delivered or issued for delivery in this State: 1. Does not constitute any part of the contract or policy of insurance; and 2. Does not amend any term or...”

• NRS § 687B.147 (Exclusion, Reduction or Limitation of Certain Coverage in Motor Vehicle Insurance Policies Allowed; Conditions; Form and Contents of Disclosure)

  “The list of names must be handwritten by the insured and followed by the full signature of the insured. The disclosed exclusion, reduction or other limitation of coverage continues until the named insured notifies the insurer in writing of the desire of the insured to reject it. The insurer must...”

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