Section 687B.085 - Terms for renewal of contracts1. The terms "guaranteed renewable" and "noncancellable" may not be used in any individual long-term care insurance contract without further explanatory language conforming to the disclosure requirements of NAC 687B.100.2. No individual long-term care insurance contract may contain renewal provisions other than "guaranteed renewable" or "noncancellable."3. The term "guaranteed renewable" may be used only when the insured has the right to continue the long-term care insurance by the timely payment of premiums and the insurer has no unilateral rights to make any change in any provision of the long-term care insurance contract while the insurance is in force, and cannot decline to renew the long-term care insurance contract, except that the rates may be revised by the insurer on a class basis.4. The term "noncancellable" may be used only when the insured has the right to continue the long-term care insurance by the timely payment of premiums during which period the insurer has no right to unilaterally make any change in any provision of the insurance or in the premium rate.5. The term "level premium" may be used only when the insurer has no right to change the premium.6. In addition to the other requirements of this section, a qualified long-term care insurance contract must be guaranteed renewable in conformance with the provisions of 26 U.S.C. § 7702 B(b)(1)(c).Nev. Admin. Code § 687B.085
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