Nebraska § 44-405 Life insurance; loan values

Nebraska Statutes

§ 44-405 — Life insurance; loan values

Nebraska § 44-405

Ch. 44Insurance

This text of Nebraska § 44-405 (Life insurance; loan values) 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. § 44-405 (2026).

Text

(1)In the case of those policies issued prior to the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law), the loan value referred to in provision (8) of section 44-502 shall be the reserve at the end of the current policy year on the policy and on any dividend additions thereto, less a sum not more than two and one-half percent of the amount insured by the policy and of any undivided additions thereto. The policy shall specify the mortality table and the rate of interest adopted for computing such reserve and may provide that such loan may be deferred for not exceeding six months after the application therefor is made.

(2)In the case of policies issued on or after the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law), the loan val

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(1) In the case of those policies issued prior to the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law), the loan value referred to in provision (8) of section 44-502 shall be the reserve at the end of the current policy year on the policy and on any dividend additions thereto, less a sum not more than two and one-half percent of the amount insured by the policy and of any undivided additions thereto. The policy shall specify the mortality table and the rate of interest adopted for computing such reserve and may provide that such loan may be deferred for not exceeding six months after the application therefor is made.
(2) In the case of policies issued on or after the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law), the loan value referred to in provision (8) of section 44-502 shall be the cash surrender value at the end of the current policy year as required by sections 44-407 to 44-407.09 . The company shall reserve the right to defer such loan, except when made to pay premiums, for six months after application therefor is made.
(3) This section shall not apply to term insurances.