Nevada Revised Statutes 687B.184 – Binders: Limits of coverage, effective date and premium for policy issued as replacement
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1. A policy which is issued to replace a binder must include:
Terms Used In Nevada Revised Statutes 687B.184
- binder: means an oral or written contract for temporary insurance which is used when a policy is not immediately issued to evidence that the coverage attaches at a specified time and continues until the policy is issued or the risk is declined. See Nevada Revised Statutes 687B.015
(a) Limits of coverage which are equal to the limits stated in the binder; and
(b) An effective date for the policy which is the same as the effective date of the initial binder.
2. The premium for such a policy must include the charge for the period covered by the binder and that charge must be in accordance with rates filed with the Commissioner pursuant to chapter 686B of NRS.