1. A reinstated policy of life insurance or an annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance.
2. When any life insurance policy or annuity contract is reinstated such reinstated policy or contract may exclude or restrict liability to the same extent that such liability could have been or was excluded or restricted when the policy or contract was originally issued, and such exclusion or restriction shall be effective from the date of reinstatement.
3. After 3 years from the date of issue of a life insurance policy or of a supplemental contract thereto providing total and permanent disability benefits or additional benefits in the event of death by accident or accidental means, no misstatements, except fraudulent misstatements, made by the applicant in the application for the policy shall be used to deny a claim for such total and permanent disability commencing, or for such additional benefits in the event of death by accident or accidental means occurring, after the expiration of such 3-year period. This subsection shall not be so construed as to preclude the assertion at any time of defenses based upon provisions with respect to such benefits which exclude or restrict coverage.
(Added to NRS by 1971, 1741)