NE Code § 44-4516 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-4516 - Outline of coverage; required; contents.

44-4516.  Outline of coverage; required; contents.(1)(a) An outline of coverage shall be delivered to a prospective applicant at the time of initial solicitation through means which prominently direct the attention of the recipient to the document and its purpose.(b) The director shall prescribe a standard format, including style, arrangement, and overall appearance, and the content of an outline of coverage.(c) In the case of agent solicitations, an agent shall deliver the outline of coverage prior to the presentation of an application or enrollment form.(d) In the case of direct-response solicitations, the outline of coverage shall be presented in conjunction with any application or enrollment form.(2) The outline of coverage shall include:(a) A description of the principal benefits and coverage provided in the policy;(b) A statement of the principal exclusions, reductions, and limitations contained in the policy;(c) A statement of the terms under which the policy or certificate, or both, may be continued in force or discontinued, including any reservation in the policy of a right to change premiums. Continuation or conversion provisions of group coverage shall be specifically described;(d) A statement that the outline of coverage is a summary only, not a contract of insurance, and that the policy or group master policy contains governing contractual provisions;(e) A description of the terms under which the policy or certificate may be returned and premium refunded; and(f) A brief description of the relationship of cost of care and benefits.(3) A certificate issued pursuant to a group policy that is delivered or issued for delivery in this state shall include:(a) A description of the principal benefits and coverage provided in the policy;(b) A statement of the principal exclusions, reductions, and limitations contained in the policy; and(c) A statement that the group master policy contains governing contractual provisions.(4) At the time of policy delivery, a policy summary shall be delivered for an individual life insurance policy which provides long-term care benefits within the policy or by rider. In the case of direct-response solicitations, the insurer shall deliver the policy summary upon the applicant's request, but regardless of request shall make such delivery no later than at the time of policy delivery. The summary shall include:(a) An explanation of how the long-term care benefit interacts with other components of the policy, including deductions from death benefits;(b) An illustration of the amount of benefits, the length of benefit, and the guaranteed lifetime benefits, if any, for each covered person;(c) Any exclusions, reductions, and limitations on benefits of long-term care; and(d) If applicable to the policy type:(i) A disclosure of the effects of exercising other rights under the policy;(ii) A disclosure of guarantees related to long-term care costs of insurance charges; and(iii) Current and projected maximum lifetime benefits.(5) Any time a long-term care benefit funded through a life insurance vehicle by the acceleration of the death benefit is in benefit-payment status, a monthly report shall be provided to the policyholder. Such report shall include:(a) Any long-term care benefits paid out during the month;(b) An explanation of any changes in the policy, such as death benefits or cash values, due to long-term care benefits being paid out; and(c) The amount of long-term care benefits existing or remaining.Source   Laws 1987, LB 416, § 16;   Laws 1992, LB 1006, § 49.