Nebraska Life & Health Study Guide

Nebraska’s guaranty dollars track NAIC Model 520 exactly, so the figures are not where this state’s answers diverge. The units are. Three units of measurement sit in one subdivision of the coverages section, every replacement day-count falls on an insurer, and the licence term is a stub keyed to the parity of the licensee’s age.

The lesser-of operator, and the figures beneath it

Neb. Rev. Stat. 44-2701 et seq. creates the Nebraska Life and Health Insurance Guaranty Association, and 44-2703(3) governs everything beneath it: the obligation is the lesser of the failed insurer’s contractual obligation or the listed amount. Every figure below that lead-in is a ceiling on the association, not an entitlement.

44-2703(3)(b)(i)(A) sets $300,000 in life insurance death benefits, “but not more than one hundred thousand dollars in net cash surrender and net cash withdrawal values.” That $100,000 is carved out of the same coverage, not stacked beside it. Annuities are at (C): $250,000 in the present value of annuity benefits.

Health is three tiers, with a pin cite four levels deep. 44-2703(3)(b)(i)(B)(I)-(III) gives $500,000 for health benefit plans, $300,000 for disability insurance or long-term care insurance, and $100,000 for coverages that are none of those three. Disability and long-term care share one tier, and the top tier’s noun is health benefit plans.

One life, one individual, one payee

44-2703(3)(b)(iii)(A) caps the association at “an aggregate of three hundred thousand dollars in benefits with respect to any one life,” then provides that for health benefit plans liability “shall not exceed five hundred thousand dollars with respect to any one individual.” Structured settlement annuities take a third unit at (3)(b)(ii): $250,000 in present value, in the aggregate, per payee.

The safety net is not a selling point

44-2719.01, “Using name of association; when prohibited,” bars any person from publishing anything “which uses the existence of the Nebraska Life and Health Insurance Guaranty Association for the purpose of sales, solicitation, or inducement to purchase any form of insurance.” The section number is the trap: a decimal-suffixed sibling, easy to miss reading in order.

Replacement — the day-counts belong to the insurers

210 NAC 19 s. 009.01D gives the owner of a replacement contract thirty days to return it for an unconditional full refund of all premiums or considerations, and that notice is the replacing insurer’s to give. The same insurer has five business days from a completed application to notify any other affected existing insurer, at s. 009.01B; the existing insurer has five business days from a request to send policy values, at s. 010.01B. Neither clock is a producer’s.

The producer’s duty under 210 NAC Chapter 19 carries no day count. s. 006.01 requires a statement as to existing policies, signed by both applicant and producer, submitted “with or as part of the application.”

The term is not two years, and the first one least of all

44-4054 expires a licence on the last day of the licensee’s birth month “in the first year after issuance in which his or her age is divisible by two.” The gate is the parity of the producer’s age, not of the year of issue: born in an even-numbered year, renew in even years. Only later terms are biennial. The first is a stub of a few weeks or of nearly two years, and it “is not pro-rated based on the issue date.”

Twenty-one plus three, and the exemption that usually is not one

44-3904 writes the requirement as an addition, and means it literally. (1)(a)(i) sets “twenty-one hours of approved continuing education activities”; (2) then sets three hours on insurance industry ethics “in addition to such activities.” The “twenty-four cumulative hours” clause is not the ceiling on that twenty-four — it lives at (1)(c), capping the hours a licensee can be required to complete under subsection (1) across every line held, and the ethics hours sit outside it by their own words. Adding lines of authority therefore adds no hours, and renewal opens 90 days before expiration.

44-3903(6) exempts “licensees in their first license period if that first license expires less than one year after the date of licensing.” Because the stub is set by age parity and never pro-rated, that condition fails for many new producers; 44-3902(6)(a) runs the two-year period from licensing to that first expiration and attaches no minimum length to it. Eleven-month stub, nothing owed; twenty-month stub, the full twenty-four hours. Surplus hours do not carry forward either, and a course may not be repeated for credit in the same period.

Annuity sales add a conduct gate: a one-time four-credit training under 44-8108(2)(a)(i), behind the best interest standard of 44-8106(1). 44-8102(2) then declines to create a private cause of action or civil liability under that standard.