Stats in Your State
Understanding the life insurance industry begins with gaining an appreciation for its impact on the state’s economy. Readers may be surprised to find the significant impact life insurers have on Nevada’s economy, but it just might motivate you to take out a good life insurance policy sooner than later.
Life Insurance in Nevada
Over $2.5 billion in benefits and annuities payouts went into Nevada pockets as a result of life insurance policies in 2011, making up a notable portion of Nevada’s economy. In addition to yearly annuities and death benefits, an average of $178,000 in coverage per policyholder.
|Number of Licensed Life Insurers||456|
|Total Life Insurance Coverage||$172 billion|
|Average Policyholder Coverage||$178,000 per life insurance policyholder|
|Amount Paid Out in 2011||$2 billion**|
|Amount of Paid Annuity Benefits in 2011||$510 million|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Over 6,000 Nevada veterans and current service members benefit from government-run life insurance policies. A majority of those policyholders are currently service in the armed forces, and roughly 2,500 are veterans.
The Life Insurance Industry: Beyond Insuring You
Roughly 8,000 jobs stem from the life insurance industry, and a sizable investment in local businesses and programs in the form of bonds is made each year by life insurers. Truly it is a quiet contributor to the state’s economy.
|Job creator||8,000 jobs created|
|Invested in Nevada 's Economy||$42 billion was invested in local businesses and development by Nevada life insurers|
Rules in Your State
Life insurance in Nevada is regulated by the state legislature and by your insurance policy contract. The provisions and regulations listed below address the insurance industry in general as well as life insurance policies specifically.
These statutes apply to the insurance industry in Nevada as a whole, and outline how insurers must act and practices which are prohibited.
Unfair Claims Settlement Practices
This portion of the Nevada Revised Statutes applies to life insurance contracts, and the link below lays out specifically prohibited provisions that may not be used in policies.
Representatives & Resources in Your State
The following divisions and resources are great starting points for consumers to learn more about life insurance and consumer advocacy from their local government. Contact them to file a complaint against an insurer, to seek assistance with choosing insurance, and to find out more about financial backing for insurance.
Nevada Division of Insurance (DOI)
Nevada Division of Insurance in Carson City:
1818 E. College Pkwy., Suite 103
Carson City, NV 89706
Nevada Division of Insurance in Las Vegas:
2501 East Sahara Ave., Suite 302
Las Vegas, NV 89104
Contact Information for DOI
Nevada Life Insurance Information
This guide from the Division of Insurance provides useful information on how to understand life insurance and how to shop for life insurance policies in Nevada.
Nevada Life & Health Insurance Guaranty Association
One East First Street Suite 605
Reno, NV 89501
The Nevada Life and Health insurance Guaranty Association serves as the financial backing for insurers to guarantee that your policy will remain in effect even if your insurer is suffering financial hardship.