Nebraska Statutes 44-1606.02. Life insurance; policy issued to credit union or trust; requirements
A policy issued to a credit union or to a trustee or trustees or agent designated by two or more credit unions, which credit union, trustee, trustees, or agent shall be deemed the policyholder, to insure members of the credit union or credit unions for the benefit of persons other than the credit union or credit unions, trustee or trustees, or agent or any of their officials, shall be subject to the following requirements:
Terms Used In Nebraska Statutes 44-1606.02
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Insurer: shall include all companies, exchanges, societies, or associations whether organized on the stock, mutual, assessment, or fraternal plan of insurance and reciprocal insurance exchanges. See Nebraska Statutes 44-103
- Trustee: A person or institution holding and administering property in trust.
(1) The members eligible for insurance shall be all of the members of the credit union or credit unions, or all of any class or classes of the members; and
(2) The premium for the policy shall be paid by the policyholder from the credit union’s funds and shall insure all eligible members or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.