Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 22 - CREDIT LIFE, ACCIDENT AND HEALTH INSURANCE › Section 210-22-004 - Provisions of policies of insurance, certificates of insurance, applications for insurance and notices of proposed group credit insurance-, disclosure to debtors

Current through June 17, 2024
004.01 As required
				by the Act, all credit life insurance and credit accident and health insurance
				subject to the Act shall be evidenced by an individual policy or, in the case
				of group insurance, by a certificate of group insurance.
004.02 In order to insure that the provisions
				of the forms required by this Act to be filed with the Department of Insurance
				are not unjust, unfair, inequitable, misleading or deceptive and to insure that
				such provisions do not encourage misrepresentation of the coverage, the
				following are adopted as basic guides for forms submitted to the Director of
				Insurance for approval:
004.02A Each such
				policy or certificate of group insurance shall set forth, in addition to the
				matters required by the Act and in addition to other requirements of law, a
				provision for refund as set forth in Section 005 hereof.
004.02B Application for individual policies
				of insurance and notices of proposed group insurance, required by the Act in
				those situations in which the individual policy or certificate of group
				insurance is not delivered to the debtor at the time the indebtedness is
				incurred, shall contain, in addition to the matters required by the Act and in
				addition to other requirements of law, a statement that if the insurance is
				declined by the insurer or for some other reason does not become effective, any
				premium or identifiable charge will be refunded to the debtor pursuant to the
				provisions of Section 005 of this Rule.
004.02C Each policy of credit accident and
				health insurance shall contain a provision that no claim for disability shall
				be reduced or denied on the ground that diseases or conditions arose from a
				condition which had existed prior to the effective date of the policy, or the
				effective date of the coverage under a group certificate, unless such exclusion
				or coverage for disability arising from preexisting conditions shall be
				prominently and explicitly set forth on the face of the policy or certificate,
				delivered to the debtor, by overprinting such exclusions diagonally across the
				face of such policy or certificate in at least 18 point contrasting color
				type.
004.02D No policy of credit
				accident and health insurance shall contain any provision which excludes or
				restricts liability in the event of disability caused in a certain specified
				manner except provisions excluding or restricting coverage in the event of
				disability as a result of pre-existing conditions excluded in accordance with
				subsection
				004.02C,
				pregnancy, mental or nervous disease or disorder, intentionally self-inflicted
				injuries, foreign travel or residence, travel in non-scheduled aircraft, war,
				or military service. Any such excluding or restricting provision must be
				prominently and explicitly set forth in the policy or certificate delivered to
				the debtor.
004.02E No policy of
				credit life insurance or credit accident and health insurance subject to the
				Act will be approved unless the benefits provided bear a reasonable
				relationship to the rates to be used in conjunction therewith. The
				reasonableness of such relationship will be determined on the basis of studies
				made by the Department of Insurance and after considering all factors
				involved.