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How is illegality with insurance premiums handled in Nevada?

On Behalf of | Feb 24, 2023 | Insurance Law |

Insurance is a necessary part of every Nevada resident’s life. This is true whether it is auto insurance, business insurance, health insurance or property insurance. A fundamental aspect is paying premiums when they are due. They must make sure they are caught up on their payments to ensure the policy does not lapse and is there when they need it.

However, there are rules for premiums and people who have been confronted with illegal activity in any way should be aware of their rights. The law also protects insurance companies that are accused of wrongdoing. In these cases, it is critical to recognize when there was illegal behavior with premiums and to have help in resolving it.

Understanding illegal acts with insurance payments

Based on the law, an entity or an individual cannot ask for payment for a premium or for insurance without insuring the paying party. In other words, if insurance premiums are paid and charges are covered for insurance, they need to be covered. If they are not, it is a legal violation.

There is also a specific amount that the policy will stipulate must be paid for the premium and other insurance-related charges. There can be no willful collection of a sum that exceeds that amount. People have rates when they are buying insurance and that dictates how much they must pay.

Since insurance premiums must be paid to retain coverage, many people are only moderately aware of how much they are paying and if there is a legal accounting of their rates. There might be unscrupulous insurers or employees who are trying to take advantage of customers.

From the insurance companies’ perspective, there might be accusations of illegal behavior when they were simply adhering to the details of the policy. Rates are sometimes raised and consumers could see that as an illegal attempt to get more money when it was not.

Insurance law can be complicated and having help with a case is vital

For these cases, it is imperative to have help from those who are fully up to date on state insurance law and know how to address allegations of wrongdoing. Whether it is fraud, insurance bad faith, coverage disputes or any other concern, having professional assistance is key to sorting out the dispute and finding an acceptable outcome.

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