Nebraska Statutes 44-372. Life insurance; annuity; nonpayment of premium; effect
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Any policy containing a provision for a deferred annuity on the life of the insured only, unless paid for by a single premium, shall provide that in the event of the nonpayment of any premium after three full years’ premium shall have been paid, the annuity shall automatically become converted into a paid-up annuity for such proportion of the original annuity as the number of completed years’ premiums paid bears to the total number of premiums required under the contract.
Source
- Laws 1913, c. 154, § 146, p. 469;
- R.S.1913, § 3283;
- Laws 1919, c. 190, tit. V, art. XI, § 11, p. 651;
- C.S.1922, § 7890;
- C.S.1929, § 44-1111;
- R.S.1943, § 44-372.
Terms Used In Nebraska Statutes 44-372
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.