Nebraska Department of Insurance

Nebraska Department of Insurance

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BULLETINS
BULLETIN: CB-92

SUBJECT: JOINT CREDIT DISABILITY INSURANCE

DATE: March 20, 1998


Effective April 1, 1998, Nebraska will allow the issue of joint credit disability insurance, subject to the following requirements:

  1. The insurance will cover each of two joint debtors (not cosigners or endorsers) to be insured for 100% of the disability payment. The coverage shall be evidenced by an individual policy or certificate. The coverage may not be provided by two single disability policies or certificates. Joint debtors may not both be covered separately at single rates.

  2. The benefit to be paid may not exceed the benefit to be paid if coverage were provided on a single insured.

  3. If coverage is terminated on only one of the joint debtors, a refund must be paid of the appropriate portion of the extra premium paid to provide joint disability rather than single disability coverage, with the other debtor continuing to be covered.

  4. Each joint debtor must elect and sign for the joint coverage.

  5. Prima facie rates for joint credit disability coverage are as follows:

JOINT CREDIT DISABILITY RATES
(Rates per $100 Original Indebtedness)
Years 14-Day Retro 14-Day Elim 30-Day Retro 30-Day Elim
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
 $ 3.33
4.50
5.67
6.42
7.00
7.58
8.17
8.75
9.33
9.92
10.50
11.08
11.67
12.25
12.83
$ 2.25
3.17
3.92
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
9.50
10.00
$ 2.25
3.17
3.92
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
9.50
10.00
$ 1.25
1.75
2.17
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25

Timothy J. Hall

DIRECTOR OF INSURANCE



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