Nevada Revised Statutes 687B.182 – Binders: Issuance; period of effectiveness
Current as of: 2023 | Check for updates
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1. A binder may be issued only by a resident or nonresident agent appointed by the insurer which is to issue the policy.
Terms Used In Nevada Revised Statutes 687B.182
- binder: means an oral or written contract for temporary insurance which is used when a policy is not immediately issued to evidence that the coverage attaches at a specified time and continues until the policy is issued or the risk is declined. See Nevada Revised Statutes 687B.015
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 approval of the Commissioner.