NRS 691C.220 – “Reverse competition” defined.
“Reverse competition” means competition among insurers that regularly takes the form of insurers competing for the favor of a person who controls or may control the placement of insurance with insurers that tends to increase insurance premiums or prevents a decrease in insurance premiums in order to give greater compensation to a person who controls […]
NRS 691C.230 – “Single-interest insurance” defined.
“Single-interest insurance” means credit personal property insurance covering only the interest of the seller or creditor in goods purchased through a credit transaction or pledged as collateral in a credit transaction. (Added to NRS by 2005, 2107)
NRS 691C.240 – Scope.
All credit personal property insurance, including guaranteed asset protection insurance, written in connection with credit transactions for personal, family or household purposes is subject to the provisions of this chapter, except: 1. Credit transactions involving extensions of credit primarily for business or commercial purposes; 2. Insurance written in connection with a credit transaction that is […]
NRS 691C.250 – Credit personal property insurance sold in conjunction with closed-end credit transaction: Insurer prohibited from issuing or selling certain insurance.
For credit personal property insurance sold in conjunction with a closed-end credit transaction, an insurer shall not: 1. Issue credit personal property insurance unless the amount financed exceeds $300; 2. Issue credit personal property insurance in an amount that exceeds the amount of the underlying credit transaction; and 3. Sell credit personal property insurance with […]
NRS 691C.260 – Coverage.
Credit personal property insurance must: 1. At a minimum, include the coverage in the standard fire policy with coverage attachment and extended coverage endorsement; and 2. Cover a substantial risk of loss of or damage to the property related to the credit transaction. (Added to NRS by 2005, 2108)
NRS 691C.170 – “Incurred losses” defined.
“Incurred losses” means total claims and claim adjustment expenses paid during the experience period plus any change in claim and claim adjustment expense reserves. (Added to NRS by 2005, 2107)
NRS 691C.180 – “Loss ratio” defined.
“Loss ratio” means incurred losses divided by the sum of earned premiums. (Added to NRS by 2005, 2107)
NRS 691C.190 – “Net debt” defined.
“Net debt” means the amount required to liquidate the remaining debt in a single lump-sum payment, excluding all unearned interest and other unearned finance charges. (Added to NRS by 2005, 2107)
NRS 691C.070 – “Credit transaction” defined.
“Credit transaction” means any transaction for which the terms of repayment of money loaned or loan commitment made, or payment of goods, services or properties sold or leased, is to be made at a future date. (Added to NRS by 2005, 2106)
NRS 691C.080 – “Creditor” defined.
“Creditor” means the lender of money or vendor or lessor of goods, services, property, rights or privileges for which payment is arranged through a credit transaction, and includes: 1. The successor to the right, title or interest of; 2. An affiliate, associate or subsidiary of; 3. Any director, officer or employee of; or 4. Any […]