Property and Casualty Insurance Nevada State Law
Supplement Complete Guide
A certificate of authority gives a(n) ✔️✔️Company authority to transact insurance in Nevada
What is the purpose of a "waiver of subrogation" endorsement in Nevada property and casualty
policies?
✔️✔️ A waiver of subrogation endorsement prevents the insurance company from seeking recovery
from a third party responsible for the loss. In Nevada, this endorsement is often used in situations like
landlord-tenant agreements or construction contracts, where the parties agree not to pursue each other
for damages.
How does Nevada’s comparative negligence rule affect casualty insurance claims?
✔️✔️ Nevada follows the comparative negligence rule, meaning that if a person is partially
responsible for an accident, their compensation may be reduced based on their percentage of fault. In
casualty insurance claims, this impacts how damages are divided between the parties involved in the
incident.
What are "endorsements" in Nevada property and casualty insurance, and how do they work?
✔️✔️ Endorsements are additional clauses or modifications to a standard insurance policy that
change or add coverage terms. In Nevada, these can be used to customize a policy, such as adding
coverage for specific risks, increasing limits, or excluding certain perils, offering flexibility to the
policyholder.
What is the difference between "personal property" and "real property" in Nevada property insurance?
✔️✔️ Personal property refers to movable items such as furniture, electronics, and clothing, while real
property refers to the physical land and buildings. Nevada property insurance typically covers both
types, but coverage for personal property may be subject to different terms and limits than real
property.
How does Nevada property insurance handle claims for water damage?
✔️✔️ In Nevada, water damage coverage can be tricky, as policies often exclude damages caused by
floods or groundwater intrusion. However, water damage from burst pipes or leaking appliances may be
, covered under standard property insurance, provided the damage is not due to neglect or lack of
maintenance.
What is the significance of the "loss payee" designation in Nevada property insurance?
✔️✔️ A loss payee is a third party, such as a mortgage lender or lienholder, named on an insurance
policy who will receive the insurance payout in case of a loss. In Nevada, this is common in property
insurance policies to ensure that the lender’s interest in the property is protected.
What does "personal injury" coverage typically include in Nevada casualty insurance?
✔️✔️ Personal injury coverage in Nevada casualty insurance provides protection for claims arising
from non-physical harm, such as defamation, false arrest, or invasion of privacy. This is distinct from
bodily injury coverage, which only addresses physical injuries.
How does "excess liability insurance" work in Nevada?
✔️✔️ Excess liability insurance provides additional coverage beyond the limits of an underlying
primary insurance policy, such as auto or homeowners insurance. In Nevada, this type of coverage is
designed to offer higher protection in the event of catastrophic claims, helping to safeguard assets from
large lawsuits.
What is the role of "bodily injury" liability coverage in Nevada auto insurance policies?
✔️✔️ Bodily injury liability coverage in Nevada auto insurance helps pay for medical expenses, lost
wages, and legal fees if the policyholder is responsible for injuring someone in an accident. This
coverage also protects the policyholder from financial burdens related to lawsuits and settlements.
How do insurance companies determine the premium for a property insurance policy in Nevada?
✔️✔️ Insurance companies in Nevada use several factors to determine premiums, including the
property's location, value, age, and condition, as well as the coverage limits selected by the
policyholder. Additional factors such as the deductible amount, claims history, and local risk factors
(e.g., crime rates, fire hazards) can also affect the premium.
What is "medical payments" coverage in Nevada auto and homeowners insurance?
✔️✔️ Medical payments coverage provides reimbursement for medical expenses incurred by the
insured or passengers in the event of an accident, regardless of fault. In Nevada, it applies to both auto
