Nevada § 162A.540 - Insurance and annuities

§ 162A.540. Insurance and annuities

Unless the power of attorney otherwise provides, language in a power of attorney granting

general authority with respect to insurance and annuities authorizes the agent to: 1. Continue, pay the premium or make a contribution on, modify, exchange, rescind,

release or terminate a contract procured by or on behalf of the principal which insures

or provides an annuity to either the principal or another person, whether or not the

principal is a beneficiary under the contract; 2. Procure new, different and additional contracts of insurance and annuities for

the principal and the principal's spouse, children and other dependents, select the

amount, type of insurance or annuity, and mode of payment and name one or more beneficiaries

in accordance with the principal's established estate plan and any restrictions to

designate beneficiaries contained within the power of attorney; 3. Pay the premium or make a contribution on, modify, exchange, rescind, release or

terminate a contract of insurance or annuity procured by the agent; 4. Apply for and receive a loan secured by a contract of insurance or annuity; 5. Surrender and receive the cash surrender value on a contract of insurance or annuity; 6. Exercise an election; 7. Exercise investment powers available under a contract of insurance or annuity; 8. Change the manner of paying premiums on a contract of insurance or annuity; 9. Change or convert the type of insurance or annuity with respect to which the principal

has or claims to have authority described in this section; 10. Apply for and procure a benefit or assistance under a statute or regulation to

guarantee or pay premiums of a contract of insurance on the life of the principal; 11. Collect, sell, assign, hypothecate, borrow against or pledge the interest of the

principal in a contract of insurance or annuity; 12. Select the form and timing of the payment of proceeds from a contract of insurance

or annuity; and 13. Pay, from proceeds or otherwise, compromise or contest, and apply for refunds

in connection with, a tax or assessment levied by a taxing authority with respect

to a contract of insurance or annuity or its proceeds or liability accruing by reason

of the tax or assessment.