Nevada Revised Statutes 691C.390 – Refund of unearned premiums upon cancellation; approval of refund formula
Current as of: 2023 | Check for updates
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1. Each individual policy or certificate of insurance must provide for a refund of unearned premiums if the credit personal property insurance is cancelled before the scheduled date of termination of the insurance.
Terms Used In Nevada Revised Statutes 691C.390
- 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
- Personal property: All property that is not real property.
2. Except as otherwise provided in this section, any refund must be provided to the person to whom it is entitled as soon as practicable after the date of cancellation of the insurance.
3. The formula that an insurer uses to determine the amount of a refund must be submitted to and approved by the Commissioner before it is used.