1. Except as otherwise provided in subsection 2, the total amount of periodic indemnity payable pursuant to a policy of credit accident and health insurance or credit unemployment insurance in the event of disability or unemployment, as defined in the policy, must not exceed the aggregate of the periodic scheduled unpaid installments of the gross debt, and the amount of each periodic indemnity payment must not exceed the original gross debt divided by the number of periodic installments.
2. For credit accident and health insurance or credit unemployment insurance written in connection with an open-end credit agreement, the amount of insurance must not exceed the gross debt which would accrue on that amount using the periodic indemnity. Subject to any policy maximum, the periodic indemnity must not be less than the minimum repayment schedule of the creditor.
(Added to NRS by 1971, 1773; A 1987, 2297; 2005, 2145)