Nebraska § 44-407.08 Policies issued on or after operative date of law; adjusted premiums; present values; how determined; filing of election; exception

Nebraska Statutes

§ 44-407.08 — Policies issued on or after operative date of law; adjusted premiums; present values; how determined; filing of election; exception

Nebraska § 44-407.08

Ch. 44Insurance

This text of Nebraska § 44-407.08 (Policies issued on or after operative date of law; adjusted premiums; present values; how determined; filing of election; exception) 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. § 44-407.08 (2026).

Text

This section shall not apply to ordinary policies issued on or after the operative date of section  44-407.24  as defined therein.
In the case of ordinary policies issued on or after the operative date of this section as defined herein, all adjusted premiums and present values referred to in sections  44-407  to  44-407.09 , shall be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table and the rate of interest, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; such rate of interest shall not exceed three and one-half percent per annum except that a rate of interest not exceeding four percent per annum may be used for policies issued on or after September 2, 1973, and prior to August 24, 1979, and a rate of inter

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This section shall not apply to ordinary policies issued on or after the operative date of section 44-407.24 as defined therein.
In the case of ordinary policies issued on or after the operative date of this section as defined herein, all adjusted premiums and present values referred to in sections 44-407 to 44-407.09 , shall be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table and the rate of interest, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; such rate of interest shall not exceed three and one-half percent per annum except that a rate of interest not exceeding four percent per annum may be used for policies issued on or after September 2, 1973, and prior to August 24, 1979, and a rate of interest not exceeding five and one-half percent per annum may be used for policies issued on or after August 24, 1979; Provided, that for any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than six years younger than the actual age of the insured; provided further, that in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners 1958 Extended Term Insurance Table; and provided further, that for insurance issued on a substandard basis, the calculation of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the Department of Insurance.
After September 28, 1959, any company may file with the Department of Insurance a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1966. After the filing of such notice, then upon such specified date, which shall be the operative date of this section for such company, this section shall become operative with respect to the ordinary policies thereafter issued by such company. If a company makes no such election, the operative date of this section for such company shall be January 1, 1966.

Legislative History

Source: Laws 1959, c. 206, § 3, p. 721; Laws 1965, c. 262, § 9, p. 740; Laws 1973, LB 309, § 3; Laws 1979, LB 354, § 4; Laws 1981, LB 355, § 9. Cross References: Mortality tables, see Appendix, Nebraska Revised Statutes, Volume 2A.