Nebraska § 44-372 Life insurance; annuity; nonpayment of premium; effect

Nebraska Statutes

§ 44-372 — Life insurance; annuity; nonpayment of premium; effect

Nebraska § 44-372

Ch. 44Insurance

This text of Nebraska § 44-372 (Life insurance; annuity; nonpayment of premium; effect) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 44-372 (2026).

Text

Any policy containing a provision for a deferred annuity on the life of the insured only, unless paid for by a single premium, shall provide that in the event of the nonpayment of any premium after three full years' premium shall have been paid, the annuity shall automatically become converted into a paid-up annuity for such proportion of the original annuity as the number of completed years' premiums paid bears to the total number of premiums required under the contract.

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Any policy containing a provision for a deferred annuity on the life of the insured only, unless paid for by a single premium, shall provide that in the event of the nonpayment of any premium after three full years' premium shall have been paid, the annuity shall automatically become converted into a paid-up annuity for such proportion of the original annuity as the number of completed years' premiums paid bears to the total number of premiums required under the contract.

Legislative History

Source: Laws 1913, c. 154, § 146, p. 469; R.S.1913, § 3283; Laws 1919, c. 190, tit. V, art. XI, § 11, p. 651; C.S.1922, § 7890; C.S.1929, § 44-1111; R.S.1943, § 44-372. Annotations: Legislature has used the word premiums as descriptive of the payment on annuity contracts. Bankers Life Ins. Co. v. Laughlin, 160 Neb. 480, 70 N.W.2d 474 (1955).