Chapter 6: Nevada Statues and Regulations for Property and Casualty (Well-enlightened)

*Insurance* policies that have been in effect for *at least 70 days* or *that have been renewed* "cannot" becancelled by the insurer - correct answers before the expiration of the agreed term or *1 year from the effective date* of the policy or renewal A "commercial or business policy" issued for a term *longer than 1 year* may be *cancelled* by the insurer by giving notice of cancellation - correct answers *60 days before anniversary* date of the policy. All other policies issued for a term longer than 1 year may be cancelled with notice - correct answers *30 days before anniversary* date of the policy. If a cancellation is for nonpayment or premium, insurers are required to provide a - correct answers *10 day notice* of cancellation If a *notice of cancellation or nonrenewal does not state the fact* on which the insurer's decision is based, the insurer must supply that information within - correct answers 6 days after receiving a written request by the policyholder. No notice is effective - correct answers unless it contains adequate information about the policyholder's right to make such a request. *Cancellation* notice must contain - correct answers adequate instructions enabling the policyholder to apply for insurance through any approved voluntary or mandatory risk-sharing plan (except for the failure to pay a premium when due). An insurer cannot cancel, refuse to renew or increase the premium for renewal of a property or casualty insurance policy because - correct answers of any claims made under the policy with respect to which the insured was not at fault. An insurer cannot cancel or refuse to renew an automobile liability insurance policy solely because - correct answers of the insured's age, residence, race, color, creed, national origin, ancestry, or occupation. An insurer cannot refuse to issue, reduce liability limits of, or increase the premium of any automobile insurance policy issued to a resident of Nevada solely because - correct answers the policyholder has reached a certain age. Rates must not be - correct answers excessive, inadequate, or unfairly discriminatory, nor may an insurer charge any rate which, if continued, will have the effect of destroying competition or creating a monopoly.