Nevada Revised Statutes 687B.070 – Power to contract; purchase of insurance and annuities by minors
1. Any person of competent legal capacity may contract for insurance.
Terms Used In Nevada Revised Statutes 687B.070
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. Any minor not less than 16 years of age may, notwithstanding his or her minority, contract for or own annuities or insurance, or affirm by novation or otherwise preexisting contracts for annuities or insurance, upon his or her own life, body, health, property, liabilities or other interests, or on the person of another in whom the minor has an insurable interest. Notwithstanding such minority such a minor shall be deemed competent to exercise all rights and powers with respect to or under:
(a) Any annuity or insurance contract upon the minor’s own life, body or health;
(b) Any contract which such minor effected upon his or her own property, liabilities or other interests; or
(c) Any contract effected or owned by the minor on the person of another, as might be exercised by a person of full legal age.
3. Such a minor may at any time surrender his or her interest in any such contracts and give valid discharge for any benefit accruing or money payable thereunder. Such a minor shall not, by reason of his or her minority, be entitled to rescind, avoid or repudiate the contract, or to rescind, avoid or repudiate any exercise of a right or privilege thereunder, except that such a minor, not otherwise emancipated, shall not be bound by any unperformed agreement to pay, by promissory note or otherwise, any premium on any such annuity or insurance contract.
4. All insurance contracts made by a minor under the age of 16 years shall be made only with the written consent of a parent or guardian, and the exercise of all contractual rights under such contracts, or the surrender thereof, or the giving of a valid discharge for any benefit accruing or money payable thereunder shall have the written consent of a parent or guardian if made or given while such minor is under the age of 16 years.
5. All such contracts made by a minor which may result in any personal liability for assessment shall have the written assumption of any such liability by a parent or guardian in consideration of the issuance of the contract. Such assumption shall be in a form approved by the Commissioner, reasonably designed to inform the parent or guardian of the liability thus assumed. Such assumption of liability may be made a part of and included with any written consent of such parent or guardian required under the provisions of this section, and it may be provided therein that such assumption shall cover only up to the anniversary date of the policy nearest the insured’s birthday upon which the insured attains the age of 18 years.
6. Any annuity contract or policy of life or health insurance procured by or for a minor under subsection 2 or 3, shall be made payable either to the minor or the estate of the minor or to a person having an insurable interest in the life of the minor.