Nevada Revised Statutes 695A.240 – Approval and contents of certificates
1. No certificate may be delivered or issued for delivery in this state unless a copy of the form of the certificate has been filed with and approved by the Commissioner in conformity with the requirements of NRS 687B.120.
Terms Used In Nevada Revised Statutes 695A.240
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
2. The certificate must contain:
(a) A provision stating the amount of premiums which are payable under the certificate;
(b) A provision setting forth the society’s laws or rules which, if violated, will result in the termination or reduction of benefits payable under the certificate;
(c) If the laws of the society provide for the expulsion or suspension of a member, a provision that any member who is expelled or suspended, except for nonpayment of a premium or, during the period of contestability, for material misrepresentation in the application for membership or insurance, may maintain the certificate in force by continuing payment of the required premium; and
(d) All standard contractual provisions which are required by the provisions of chapters 687B, 688A, 688B, 689, 689A and 689B of NRS to be included in similar policies issued by life or health insurers in this state, and which are not inconsistent with the provisions of this chapter.
3. The certificate may contain:
(a) A provision that the member is entitled to a grace period of 1 month in which the payment of any premium after the first may be made.
(b) For a benefit contract issued on the life of a person under the society’s minimum age for membership as an adult, a provision governing the transfer of ownership to the insured at an age specified in the certificate. A society may require approval of an application for membership in order to make the transfer, and may provide for the regulation, government and control of such a certificate and all rights, obligations and liabilities incident to the certificate, including rights of ownership before the transfer.
(c) The terms and conditions governing the assignability of the benefit contract.