Nevada Revised Statutes 688A.360 – Insurance to which NRS 688A.290 to 688A.360, inclusive, not applicable
to 688A.360, inclusive, not applicable. NRS 688A.290 to 688A.360, inclusive, do not apply to any:
Terms Used In Nevada Revised Statutes 688A.360
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
1. Reinsurance, group insurance, pure endowment, annuity or reversionary annuity contract.
2. Term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or the renewal thereof, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy.
3. Term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits on which each adjusted premium, calculated as specified in NRS 688A.320 to 688A.340, inclusive, is less than the adjusted premium, calculated in the same manner, on a term policy of uniform amount, or a renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less, expiring before age 71, for which uniform premiums are payable during the entire term of the policy.
4. Policy which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in NRS 688A.300 to 688A.340, inclusive, exceeds 2.5 percent of the amount of insurance at the beginning of the same policy year.
5. Policy which is delivered outside this state by an agent or other representative of the company issuing the policy. For purposes of determining whether NRS 688A.290 to 688A.360, inclusive, apply, the age at expiration for a joint term policy of life insurance is the age of the oldest person at the time of expiration.