Section 686A.526 - "Replacement" defined"Replacement" means a transaction in which a new policy is to be purchased and the agent or insurer who proposes the replacement knows or should know, by reason of the transaction, that an existing policy has been or will be:
1. Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer or otherwise terminated;2. Converted to reduced paid-up insurance, continued as extended term insurance or otherwise reduced in value by the use of nonforfeiture benefits or other values in the policy;3. Amended to reduce benefits or to reduce the term for which coverage would otherwise remain in force or for which benefits would be paid;4. Reissued with any reduction in the cash value of the policy; 5. Pledged as collateral or subjected to borrowing for an aggregate amount that exceeds 25 percent of the loan value set forth in the policy; or6. Used in a financed purchase.Nev. Admin. Code § 686A.526
Comm'r of Insurance, LH-3 §10, eff. 1-4-80-NAC A 10-26-84; A by R109-23A, eff. 11/15/2024