2010 Nevada Code
TITLE 57 INSURANCE
Chapter 687B Contracts of Insurance
NRS 687B.050 Insurable interest: Exception when certain institutions designated beneficiary.
NRS 687B.050 Insurable interest: Exception when certain institutions designated beneficiary.
1. Life insurance contracts may be entered into in which the person paying the consideration for the insurance has no insurable interest in the life of the individual insured, where charitable, benevolent, educational or religious institutions or their agencies are designated irrevocably as the beneficiaries thereof.
2. In making such contracts the person paying the premium shall make and sign the application therefor as owner, and shall designate irrevocably a charitable, benevolent, educational or religious institution or an agency thereof as the beneficiary or beneficiaries of such contract. The application shall be signed also by the individual whose life is to be insured.
3. Nothing in this section shall prohibit any combination of the applicant, premium payer, owner and beneficiary from being the same person.
4. Such a contract shall be valid and binding among the parties thereto, notwithstanding the absence otherwise of an insurable interest in the life of the individual insured.
(Added to NRS by 1971, 1713)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
