Nevada Revised Statutes 688A.440 – Incorporation of long-term care insurance into annuity or policy of life insurance
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1. An annuity or policy of life insurance may incorporate long-term care insurance if:
Terms Used In Nevada Revised Statutes 688A.440
- 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.
(a) The long-term care insurance incorporated into the annuity or policy of life insurance complies with regulations adopted by the Commissioner.
(b) The Commissioner approves the incorporation of long-term care insurance into the annuity or policy of life insurance.
2. The Commissioner shall adopt regulations that define ‘long-term care insurance’ for the purposes of this section.