Section 686A.4785 - Prohibited acts in connection with sale of policyIf an insurer or its agent, broker or other authorized representative is using an illustration in connection with the sale of a policy of life insurance, the insurer, agent, broker or authorized representative shall not:
1. Represent the policy as anything other than a policy of life insurance;2. Use or describe nonguaranteed elements in a manner that is misleading or has the capacity or tendency to mislead;3. State or imply that the payment or amount of nonguaranteed elements is guaranteed;4. Use an illustration that does not comply with the requirements of NAC 686A.460 to 686A.479, inclusive;5. Use an illustration that at any time during the term of the contract depicts policy performance more favorable to the policy owner than that produced by the illustrated scale of the insurer whose policy is being illustrated;6. Provide an applicant with an incomplete illustration;7. Represent in any way that the payment of premiums will not be required for each year of the policy in order to maintain the illustrated death benefits, unless the representation is true;8. Use a term that implies that the policy will become paid up, including, without limitation, the terms, "vanish" or "vanishing premium," to describe a plan for using nonguaranteed elements to pay for any portion of a future premium;9. Except for policies that can never develop a nonforfeiture value, use a lapse-supported illustration; or10. Use an illustration that is not a self-supporting illustration.Nev. Admin. Code § 686A.4785
Added to NAC by Comm'r of Insurance by R089-97, eff. 1-14-98