Nebraska Life and Health Insurance Guaranty Association Act Law and Legal Definition
Nebraska Life and Health Insurance Guaranty Association Act is a Nebraska state legislature that aims to protect resident insurance policy holders or its beneficiaries against an insurer’s failure to perform the contractual obligation.
To provide this protection, an association of insurers is created to enable the guaranty of payment of benefits. Members of the association make an assessment to provide funds to carry out the purposes of the Act.
The following is the Nebraska state statute explaining the purpose of this Act :
R.R.S. Neb. § 44-2701 states that purpose of the Nebraska Life and Health Insurance Guaranty Association Act is to protect resident policy owners, insured, including certificate holders under group insurance policies or contracts, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts of member insurers, subject to certain limitations, against failure in the performance of contractual obligations due to the impairment or insolvency of the member insurer issuing such policies or contracts and to assist in the detection and prevention of insurer insolvencies.
Legal Definition list
- Nebbia Hearing
- Nebbia Hearing
- Nebbia Hearing
- Nearshoring
- Nearest Heir
- Nebraska Life and Health Insurance Guaranty Association Act
- Nebulous
- Necessaries
- Necessaries in Maritime Lien
- Necessary & Proper Clause
- Necessary and Proper Clause
Related Legal Terms
- 21st Century Nanotechnology Research and Development Act of 2003
- 3-A Sanitary Standards and Accepted Practice
- 3-Way Incandescent Lamp
- 30-Year Contract [Agriculture]
- 480th Intelligence, Surveillance and Reconnaissance Wing
- 707b Action
- 70th Intelligence, Surveillance and Reconnaissance Wing
- 9/11 Commission Act
- Abactor
- Abandon
