Nevada Life Insurance

Nevada life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Nevada life insurance regulations.

Explains the protection of the Nevada Guaranty Association.

Links to more information about life insurance in Nevada

Premiums can vary by as much as 50%. Enter your ZIP code on the right, and with just one short form, you'll receive quotes from several insurers in your state. Start comparing quotes today:

Use InsureME to compare additional term life and whole life quotes, and get expert advice from an agent in your area, who can help you design a plan that's right for you. Click here to fill out a quick form.

Nevada life insurance rights and regulations

The insurance industry in the State of Nevada is regulated under Title 57 of the Nevada Revised Statutes. Under these laws, claims procedures and policy requirements are overseen by the state in order to protect you, the consumer.

One such protection is the 10-day "free look" period included in all Nevada life insurance policies. During this time, a new policyholder can change her mind about the coverage and still recieve a full premium refund.

Nevada law also governs the release of confidential medical records. Your insurer should provide you with a list all source of personal information that they use. Your signature is required before they can obtain or release any of your history.

And while there are no insurance laws requiring insurance companies to release information upon your request, most companies will comply with a written and signed request.

However, Nevada law does extend some protection to insurers, as well. All Nevada life insurance policies contain a two-year "contestability clause" that allows insurers to investigate policyholder misrepresentation should a claim be made. If a misrepresentation is discovered, death benefits may be denied. This period may be extended if fraud is suspected.

During these first two policy years, insurers are also exempt from honoring claims where the cause of death is suicide.

Nevada law permits insurers to follow their own claims procedures. These should be outlined in your policy.

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If you are ready to apply for a Nevada term life insurance policy, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Nevada Life Insurance Guaranty Association

If your life insurance policy is underwritten by a licensed insurance company, you qualify for the protection of the Nevada Life and Health Insurance Guaranty Association. This organization helps compensate policyholders in the event of insurer bankruptcy.

However, the protection does have restrictions. Compensation for lost death benefits in Nevada is limited to $300,000, and compensation for cash values to $100,000.

Further, an insurer must be licensed in Nevada to qualify for the backing of the guaranty. You can check the status of your insurer by contacting the Corporate and Financial Section of the state's Insurance Division at 775-687-4270, extension 251, or at lriippi@doi.state.nv.us

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Apply for a quote with confidence at Insured Street
(for Nevada term life insurance), or InsureME.
Your insurer will be licensed in Nevada.

Other notes on Nevada life insurance

Illustrations, which are financial projections made by an insurer, are allowed in Nevada. However, these illustrations are regulated under Nevada Administrative Code 686A.460 - .479.

Nevada also allows, but regulates, viatical and life settlements. These agreements, which allow a third party to buy a life insurance policy from the insured, pay its premiums, and become the policy beneficiary, must be arranged by a licensed agent or broker.

More NV life insurance help

If you want more help getting the best value on your NV life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about NV life insurance laws and regulations, visit the state's official website at the Nevada Department Of Insurance.