NAC687B.060. Right to return individual contracts or certificates; notice of right.

     1. An applicant for long-term care insurance may return the long-term care insurance contract or certificate within 30 days after its delivery and have the premium refunded if, after examining the long-term care insurance contract or certificate, he or she is not satisfied for any reason.

     2. Except as otherwise provided in subsection 5, a long-term care insurance contract or certificate must contain a notice prominently printed on the first page or attached thereto stating in substance that the applicant may return the long-term care insurance contract or certificate within 30 days after its delivery and have the premium refunded if, after examining the long-term care insurance contract or certificate, he or she is not satisfied for any reason.

     3. If an application for long-term care insurance is denied, any premium paid by the applicant must be refunded.

     4. Any refund pursuant to this section must be made within 30 days after the return of the long-term care insurance contract or certificate or the denial of the application, as applicable.

     5. Subsection 2 does not apply to a certificate issued pursuant to a long-term care insurance contract issued to a group described in subsection 1 of NAC 687B.025.

     (Added to NAC by Comm’r of Insurance, eff. 11-21-88; A 12-15-94; R028-10, 12-16-2010, eff. 10-1-2011)