NAC686A.430. Insurer to provide buyer’s guide and policy summary to applicant; exception.

     1. Except as otherwise provided in subsection 4, an insurer shall provide a buyer’s guide and a policy summary to each applicant before accepting the applicant’s initial premium or premium deposit, unless the policy summary or the policy for which application is made contains a provision for an unconditional refund of at least 12 days, in which event the buyer’s guide and policy summary must be delivered with the policy or before the delivery of the policy.

     2. The insurer shall provide a buyer’s guide and a policy summary to any prospective purchaser upon request.

     3. The requirement to provide policy summaries for policies whose equivalent level death benefit, calculated as required by NAC 686A.440, does not exceed $5,000 is satisfied by delivery of a written statement containing the information described in paragraphs (b), (c) and (d), subparagraphs (1), (2) and (3) of paragraph (e), and paragraphs (f), (g), (j), and (k) of subsection 1 of NAC 686A.435.

     4. The policy summary required pursuant to subsection 1 is not required if an illustration that conforms with the provisions of NAC 686A.460 to 686A.479, inclusive, is provided.

     [Comm’r of Insurance, LH-6 § V, eff. 11-22-78]—(NAC by A R089-97, 1-14-98)