Nev. Rev. Stat. § 691C.010
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 691C.020 to 691C.230, inclusive, have the meanings ascribed to them in those sections.
Nevada Revised Statutes Chapter 691C — Credit Personal Property Insurance
Nevada · statute · Nev. Rev. Stat. ch. 691C · 41 active provisions
Nev. Rev. Stat. § 691C.020
“Closed-end credit” defined
“Closed-end credit” means a credit transaction that is not open-end credit.
Nev. Rev. Stat. § 691C.030
“Collateral” defined
“Collateral” means personal property in which a purchase money security interest is retained or personal property that is pledged as security for the satisfaction of a debt.
Nev. Rev. Stat. § 691C.040
“Compensation” defined
“Compensation” means any valuable consideration, direct or indirect, paid by or on behalf of the insurer, or by any subsidiary or parent, or subsidiary of the parent of the insurer, or by any other person to or on behalf of any group policyholder or producer or withheld from an insurer by any group policyholder or prod…
Nev. Rev. Stat. § 691C.050
“Credit agreement” defined
“Credit agreement” means the written document that sets forth the terms of the credit transaction and includes the security agreement.
Nev. Rev. Stat. § 691C.060
“Credit personal property insurance” defined
“Credit personal property insurance” means a policy, endorsement, rider, binder, certificate or other instrument or evidence of insurance written in connection with a credit transaction that: 1. Covers perils to the goods purchased through a credit transaction or used as collateral for a credit transaction and that con…
Nev. Rev. Stat. § 691C.070
“Credit transaction” defined
“Credit transaction” means any transaction for which the terms of repayment of money loaned or loan commitment made, or payment of goods, services or properties sold or leased, is to be made at a future date.
Nev. Rev. Stat. § 691C.080
“Creditor” defined
“Creditor” means the lender of money or vendor or lessor of goods, services, property, rights or privileges for which payment is arranged through a credit transaction, and includes: 1. The successor to the right, title or interest of; 2. An affiliate, associate or subsidiary of; 3. Any director, officer or employee of;…
Nev. Rev. Stat. § 691C.090
“Creditor-placed insurance” defined
“Creditor-placed insurance” means single-interest insurance or dual-interest insurance that is purchased by the creditor, as the named insured, after a credit transaction: 1. According to the terms of the credit agreement as a result of the debtor’s failing to provide required insurance, the cost for which is charged t…
Nev. Rev. Stat. § 691C.100
“Debtor” defined
“Debtor” means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction.
Nev. Rev. Stat. § 691C.110
“Dual-interest insurance” defined
“Dual-interest insurance” means credit personal property insurance covering the interest of the creditor or seller and any portion of the interest of the borrower in goods purchased through the credit transaction or pledged as collateral for the credit transaction.
Nev. Rev. Stat. § 691C.120
“Experience” defined
“Experience” means earned premiums and incurred losses during the experience period.
Nev. Rev. Stat. § 691C.130
“Experience period” defined
“Experience period” means the most recent period of time that is not more than 3 years and for which earned premiums and incurred losses are reported.
Nev. Rev. Stat. § 691C.140
“Finance charge” defined
“Finance charge” means any charge payable directly or indirectly as an incident to or condition of an extension of credit, including, without limitation, interest, time-price differentials, amounts payable under a discount system of additional charges, service, transaction or carrying charges, loan fees, points or simi…
Nev. Rev. Stat. § 691C.150
“Gross debt” defined
“Gross debt” means the sum of the remaining payments owed to a creditor by a debtor.
Nev. Rev. Stat. § 691C.160
“Identifiable charge” defined
“Identifiable charge” means a charge for credit personal property insurance that is made to debtors who have that insurance and not made to debtors who do not have that insurance. The term includes a charge for insurance that is disclosed in the credit agreement or other instrument furnished to the debtor which sets fo…
Nev. Rev. Stat. § 691C.170
“Incurred losses” defined
“Incurred losses” means total claims and claim adjustment expenses paid during the experience period plus any change in claim and claim adjustment expense reserves.
Nev. Rev. Stat. § 691C.200
“Nonfiling insurance” defined
“Nonfiling insurance” means insurance that indemnifies the creditor for loss of its interest in the collateral due to failure to perfect a security interest in the collateral.
Nev. Rev. Stat. § 691C.210
“Open-end credit” defined
“Open-end credit” means credit extended by a creditor under an agreement in which: 1. The creditor reasonably contemplates repeated transactions; 2. The creditor periodically imposes a finance charge on any outstanding unpaid balance; and 3. The amount of credit that may be extended to the debtor during the term of the…
Nev. Rev. Stat. § 691C.230
“Single-interest insurance” defined
“Single-interest insurance” means credit personal property insurance covering only the interest of the seller or creditor in goods purchased through a credit transaction or pledged as collateral in a credit transaction.
Nev. Rev. Stat. § 691C.240
Scope
All credit personal property insurance, including guaranteed asset protection insurance, written in connection with credit transactions for personal, family or household purposes is subject to the provisions of this chapter, except: 1. Credit transactions involving extensions of credit primarily for business or commerc…
Nev. Rev. Stat. § 691C.250
Credit personal property insurance sold in conjunction with closed-end credit transaction: Insurer prohibited from issuing or selling certain insurance
For credit personal property insurance sold in conjunction with a closed-end credit transaction, an insurer shall not: 1. Issue credit personal property insurance unless the amount financed exceeds $300; 2. Issue credit personal property insurance in an amount that exceeds the amount of the underlying credit transactio…
Nev. Rev. Stat. § 691C.260
Coverage
Credit personal property insurance must: 1. At a minimum, include the coverage in the standard fire policy with coverage attachment and extended coverage endorsement; and 2. Cover a substantial risk of loss of or damage to the property related to the credit transaction.
Nev. Rev. Stat. § 691C.270
Insurer prohibited from requiring bundling of other credit insurance coverage with purchase of credit personal property insurance or using gross debt to determine premiums
1. An insurer shall not: (a) Require the bundling of other credit insurance coverage with the purchase of credit personal property insurance; and (b) Use gross debt in any manner to determine the premiums for credit personal property insurance. 2. A debtor must have a choice to purchase credit personal property insuran…
Nev. Rev. Stat. § 691C.280
Required disclosures
1. Before a debtor elects to purchase credit personal property insurance in connection with a credit transaction, the following information must be disclosed to the debtor in writing: (a) That the purchase of credit personal property insurance from the creditor is not mandatory and is not a condition for obtaining cred…
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