Nev. Rev. Stat. § 688A.165

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 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 provision, or a notice attached to the contract or policy, which, in substance, states that during a period of 10 days from the date the contract or policy is delivered to the contract or policy owner, it may be surrendered to the insurer together with a written request for cancellation of the contract or policy and in such event, the insurer will refund any premium paid therefor, including any contract or policy fees or other charges.

2. No annuity contract, pure endowment contract or policy of life insurance that is a replacement contract or policy may be delivered or issued for delivery in this State unless it contains a provision, or a notice attached to the contract or policy, which, in substance, states that during a period of 30 days after the date on which the contract or policy is delivered to the contract or policy owner, it may be surrendered to the insurer together with a written request for cancellation of the contract or policy and in such event, the insurer will refund any premium paid therefor, including any contract or policy fees or other charges.

3. This section does not apply to industrial life insurance policies.

NRS 688A.165

Added to NRS by 1977, 455; A 2011, 3373