Yes and no. As explained above, any compensation you receive can be broken up into two parts—economic losses and non-economic losses. Currently, Nevada law sets no limit on the amount of compensation you can receive for economic losses. If you can prove your medical care and lost wages total $1 million, then you can receive that much.
However, Nevada does have a damages cap for non-economic losses. As of 2018, the maximum amount is $350,000.