State Codes and Statutes

Statutes > Nebraska > Chapter49 > 49-1552

49-1552. General Power for Insurance Coverages and Policies, defined.The short form expression, General Power for Insurance Coverages and Policies, shall mean that the principal, in connection with or with respect to any insurable interest in health, life, performance, property, or other insurable subject matter or any bond or contract of insurance, whether or not any of them is specifically described or named, generally authorizes and empowers the agent to have and to exercise collectively or singly and concurrently or consecutively any one or more in combination or otherwise of each of Specific Authority for Acquisitions, Specific Authority for Ancillary Matters, Specific Authority for Assistants, Specific Authority for Claims, Specific Authority for Compensation, Specific Authority for Contracts, Specific Authority for Disclosure, Names, and Signatures, Specific Authority for Dispositions, Specific Authority for Documents, Specific Authority for Encumbrances, Specific Authority for Insolvency Proceedings, Specific Authority for Investments, Specific Authority for Proceeds, Specific Authority for Reimbursements, Specific Authority for Reorganizations, Specific Authority for Reports, Specific Authority for Taxes, and Specific Authority for Trusts, and that the principal also generally authorizes and empowers the agent to alter or elect the method of payment, change beneficiary or beneficiaries, or change ownership of any bond or contract of insurance, to apply for, continue, procure, receive, suspend, or terminate any governmental aid, guarantee, or other private or public assistance with the payment of premiums for any bond or contract of insurance, to assign, borrow upon, hypothecate, or pledge or make any other security arrangement with any contract of insurance, to cash, change, continue, extend, maintain, modify, pay assessments or premiums for, procure, release, rescind, substitute, surrender, or terminate any bond or contract of insurance for accident, appearance, bail, burglary, casualty, compensation, crop, disability, fidelity, fire, flood, hail, health, hurricane, liability, life, marine, performance, or other risk to any insurable interest in or of any person or persons or property for the benefit of such person or persons or any other person or persons, and otherwise generally to act or decide as to any insurance coverages or policies or related circumstance, condition, interest, matter, property, question, or transaction as the principal might do or omit to do in person and while competent, but that the principal does not authorize and empower the agent to alter ownership of, borrow against, change beneficiary designation of, or surrender or otherwise exercise any other incident of ownership of any policy of insurance upon the life of the agent owned by the principal. SourceLaws 1988, LB 475, § 52.