Any consumer credit insurance issued in connection with loans or other credit transactions for personal, family or household use is subject to the provisions of this chapter except: 1. Insurance written in connection with a credit transaction that is: (a) Secured by a first mortgage or deed of trust; and (b) Made to finance the […]
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 690A.012 to 690A.0247, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1987, 2287; A 2005, 2144)
“Compensation” means any valuable consideration, direct or indirect, paid by or on behalf of the insurer, or by any subsidiary or parent, or subsidiary of the parent of the insurer, or by any other person to or on behalf of any group policyholder or producer or withheld from an insurer by any group policyholder or […]
“Credit accident and health insurance” means insurance on a debtor to provide indemnity for payments or debt becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. (Added to NRS by 2005, 2137)
“Credit insurance” or “consumer credit insurance” means any or all of the following: 1. Credit life insurance; 2. Credit accident and health insurance; 3. Credit unemployment insurance; or 4. Any other insurance defined in this chapter. (Added to NRS by 1987, 2288; A 2005, 2145)
“Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction to provide for satisfaction of a debt, in whole or in part, upon the death of an insured debtor. (Added to NRS by 1987, 2288; A 2005, 2145)
“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 or dates. (Added to NRS by 2005, 2137)
“Credit unemployment insurance” means insurance on a debtor to provide indemnity for payments or a debt becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed as defined in the policy. (Added to NRS by 2005, 2137)
“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 […]
“Debtor” means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. (Added to NRS by 1987, 2288)
“Gross debt” means the sum of the remaining payments owed to a creditor by a debtor. (Added to NRS by 2005, 2137)
“Identifiable charge” means a charge for consumer credit insurance that is made to debtors who have that insurance and not made to debtors who do not have that insurance. The term includes a charge for insurance that is disclosed in the credit agreement or other instrument furnished to the debtor which sets forth the financial […]
“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, 2138)
“Open-end credit” means credit extended by a creditor under an agreement in which: 1. The creditor reasonably contemplates repeated transactions; 2. The creditor periodically imposes a finance charge on any outstanding unpaid balance; and 3. The amount of credit that may be extended to the debtor during the term of the agreement up to any […]
1. Except as otherwise provided in this section, the amount of credit life insurance must not exceed the greater of the actual net debt or the scheduled net debt. 2. If coverage is written on the actual net debt, the amount payable at the time of loss must not be less than the actual net […]
1. Except as otherwise provided in subsection 2, the total amount of periodic indemnity payable pursuant to a policy of credit accident and health insurance or credit unemployment insurance in the event of disability or unemployment, as defined in the policy, must not exceed the aggregate of the periodic scheduled unpaid installments of the gross […]
The types of consumer credit insurance defined in this chapter may be written separately or in combination with other types of consumer credit insurance on an individual policy or group policy basis. The Commissioner may by regulation prohibit or limit any combination. (Added to NRS by 2005, 2138)
1. Except as otherwise provided in this section, for consumer credit insurance that is made available to and elected by a debtor before or with the credit transaction to which it relates, the term of the insurance must, subject to acceptance by the insurer, commence on the date on which the debtor becomes obligated to […]
1. The term of any consumer credit insurance must not extend beyond the date of termination specified in the policy. The date of termination of the insurance must not occur more than 15 days after the scheduled maturity date of the debt to which it relates unless: (a) The date is extended at no additional […]
1. Before a debtor elects to purchase consumer credit insurance in connection with a credit transaction, the following information must be disclosed to the debtor in writing: (a) That the purchase of consumer credit insurance from the creditor is not mandatory and is not a condition for obtaining credit approval; (b) If more than one […]
