NRS 688A.290 to 688A.360, inclusive, do not apply to any:

1. Reinsurance, group insurance, pure endowment, annuity or reversionary annuity contract.

2. Term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or the renewal thereof, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy.

3. Term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits on which each adjusted premium, calculated as specified in NRS 688A.320 to 688A.340, inclusive, is less than the adjusted premium, calculated in the same manner, on a term policy of uniform amount, or a renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less, expiring before age 71, for which uniform premiums are payable during the entire term of the policy.

4. Policy which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in NRS 688A.300 to 688A.340, inclusive, exceeds 2.5 percent of the amount of insurance at the beginning of the same policy year.

5. Policy which is delivered outside this state by an agent or other representative of the company issuing the policy.

For purposes of determining whether NRS 688A.290 to 688A.360, inclusive, apply, the age at expiration for a joint term policy of life insurance is the age of the oldest person at the time of expiration.

(Added to NRS by 1971, 1740; A 1983, 957)