1. This chapter may be known and cited as the Group Life Insurance Law. 2. This chapter applies only to group life insurance and wholesale life insurance. 3. This chapter does not apply to any group life insurance contract entered into or issued prior to January 1, 1972, or to any extensions, renewals or modifications […]
1. As used in this Code, “wholesale life insurance” is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, issued to: (a) Three or more employees of any corporation, copartnership or individual employer or any governmental corporation, agency or department thereof; or (b) Ten or more members, […]
1. Except as otherwise provided in this section, no policy of group life insurance may be delivered or issued for delivery in this State to a group which was formed for the purpose of purchasing one or more policies of group life insurance. 2. A policy of group life insurance may be delivered to a […]
No policy of group life insurance shall be delivered in this State unless it contains in substance the provisions set forth in NRS 688B.040 to 688B.150, inclusive, or provisions which in the opinion of the Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable […]
The group life insurance policy shall contain a provision that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder has given the insurer written notice of discontinuance in […]
The group life insurance policy shall contain a provision that the validity of the policy shall not be contested, except for nonpayment of premium, after it has been in force for 2 years from its date of issue; and that no statement made by any person insured under the policy relating to the insurability of […]
The group life insurance policy shall contain a provision: 1. That a copy of the application, if any, of the policyholder shall be attached to the policy when issued and become a part of the contract; 2. That all statements made by the policyholder or by the persons insured shall be deemed representations and not […]
The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of the coverage of the person. (Added to NRS […]
The group life insurance policy shall contain a provision specifying an equitable adjustment of premiums or of benefits or both to be made if the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be used. (Added to NRS by 1971, 1748)
The group life insurance policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provision of the policy if there is no designated beneficiary, as to all or any part of such […]
1. The group life policy shall contain a provision that the insurer will issue to the policyholder for delivery to each person insured a certificate setting forth a statement in summary form of the essential features of the insurance coverage of such employee or member, to whom benefits thereunder are payable, and the rights and […]
The group life insurance policy shall contain a provision that if the insurance on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such person shall be entitled to have issued to him or her by the insurer, […]
The group life insurance policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of such termination whose insurance terminates and who has been so insured for at least 5 years prior […]
The group life insurance policy shall contain a provision that if a person insured under the policy dies during the period within which the person would have been entitled to have an individual policy issued to him or her in accordance with NRS 688B.120 or 688B.130 and before such an individual policy has become effective, […]
A policy issued to a creditor to insure debtors of such creditor shall contain a provision that the insurer will furnish to the policyholder for delivery to each debtor insured under the policy a form which will contain a statement that the life of the debtor is insured under the policy and that any death […]
1. If any individual insured under a group life insurance policy delivered in this state after January 1, 1972, becomes entitled under the terms of such policy to have an individual policy of life insurance issued to the individual without evidence of insurability, subject to the making of an application and payment of the first […]
Any group life insurance contract may provide for a readjustment of the premium rate based upon the experience thereunder. (Added to NRS by 1971, 1751)
1. If a policy dividend is declared after January 1, 1972, or a reduction in rate is made after January 1, 1972, or continued for the first or any subsequent year of insurance under any policy of group life insurance issued before, on or after January 1, 1972, to any policyholder, the excess, if any, […]
An insurer shall pay the proceeds of any benefits under a group life insurance policy not more than 30 days after the death of the insured. If the proceeds are not paid within this period, the insurer shall pay interest on the proceeds, at a rate that is not less than the current rate of […]
