NRS 688C.264 Additional disclosure required to be provided by provider of viatical settlements or viatical settlement investment agent to purchaser of viatical settlement upon or before date of assignment, transfer or sale of policy.
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NRS 688C.264 Additional disclosure required to be provided by provider of viatical settlements or viatical settlement investment agent to purchaser of viatical settlement upon or before date of assignment, transfer or sale of policy. Not later than the date of assignment, transfer or sale of all or a portion of a viaticated policy, a provider of viatical settlements or a viatical settlement investment agent who contracted with or was appointed by the provider of viatical settlements shall provide a purchaser of a viatical settlement with the following disclosures:
1. All certifications relating to the life expectancy of the viator that were obtained by the provider of viatical settlements in the process of determining the price that was paid to the viator.
2. A statement as to whether premium payments or money for the payment of other costs related to the policy has been deposited in an escrow account.
3. If payments or money has been deposited in an escrow account, a statement of the date that the escrow account will be depleted and as to whether the purchaser of viatical settlements will be responsible for payment of premiums thereafter and, if so, a statement of the amount of the premiums.
4. A statement as to whether premiums or other costs related to the policy have been waived.
5. If premiums or other costs have been waived, a statement as to whether the purchaser will be responsible for payment of the premiums if the insurer that issued the policy terminates the waiver after the purchase, and a statement of the amount of the premiums.
6. The type of policy offered or sold, any additional benefits included with the policy and the status of the policy.
7. If the policy is term insurance, a statement of the additional risks associated with term insurance, including, without limitation, the purchaser’s responsibility for additional premiums if the viator renews the policy at the end of the term which is effective at the time of the purchase.
8. The period of contestability, if any, remaining under the policy.
9. A statement of rights held by the insurer that could negatively affect or extinguish the rights of the purchaser of viatical settlements and the conditions under which the rights can be exercised.