LB232

Nebraska LB232 sets requirements for life insurance policies, including notice provisions for policy lapses and terminations, and allows senior.

Nebraska LB232 mandates that insurers provide notice of pending lapses or terminations of life insurance policies at least thirty days prior to the effective date. The bill also allows senior citizens, defined as Nebraska residents aged sixty-five or older, to designate a third party to receive notifications of premium payment defaults. Insurers must notify the senior citizen annually of this option unless they have already made such a designation. The insurer can charge up to $2.50 per notice for this service.