Nevada Revised Statutes 689A.080 – Reinstatement
Current as of: 2023 | Check for updates
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1. There shall be a provision as follows:
Terms Used In Nevada Revised Statutes 689A.080
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- insured: as used in this chapter , shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits and rights provided therein. See Nevada Revised Statutes 689A.310
2. The last sentence of subsection 1 may be omitted from any policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums:
(a) Until at least age 50; or
(b) In the case of a policy issued after age 44, for at least 5 years from its date of issue.
3. Pursuant to the last sentence in subsection 1, the insurer shall apply the premium accepted in such manner as to place the policy currently in force, exclusive of any applicable grace period, but not in any event to any period more than 60 days prior to the date of reinstatement.