Nevada Life Insurance laws & compensation compliance analysis

Nevada Life Insurance: What you need to know

Employers have no obligation under Nevada law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, a few minimum requirements must be satisfied (NV Rev. Stat. Sec. 688B.010et seq.).
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Group characteristics. The group to be insured must consist of three employees.
Premium payment. Policy holders have a 31-day grace period within which to make a premium payment before coverage can be terminated.
Family coverage. Group coverage may be extended to employees' family members.
Conversion. Employees, as well as covered spouses and children, are guaranteed the right to convert group coverage to an individual policy in the event that the group member's employment is terminated or the employee ceases for any other reason to be a member of the class eligible for coverage. If the group policy terminates or is amended so as to terminate the insurance of any class of individuals, persons who have been covered for at least 5 years must be allowed to convert to an individual policy, which may be limited to $2,000.
The policy may provide a time limit for application and payment of the first premium for conversion coverage. If notice of the existence of the right to convert is not provided at least 15 days before the expiration date of the application period, an additional application period must be provided that will expire by the earlier of 15 days after notice is actually given or 60 days after the expiration date of the application period provided in the policy.

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Nevada Life Insurance Resources

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White Papers Employer Pays for Improper Distribution of SPD
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