§ 30-4033 — Insurance and annuities

Nebraska § 30-4033

• Jurisdiction: Nebraska
• Ch. 30: Decedents' Estates; Protection of Persons and Property

Text

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, and select the amount,
type of insurance or annuity, and mode of payment;
(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.

Legislative History

Source: Laws 2012, LB1113, § 33.