University Bursar - Is my payment plan covered by insurance?
In the case of the payment plan owner's death, CollegeInsure will cover the education obligation for the current semester limited to the Maximum Benefit Amount.
The Benefit described in this Insurance Coverage Summary is effective only if you are eligible for the insurance, become insured and remain insured as described in the Certificate of Insurance and according to the terms and conditions of the Insurance Policy. This Insurance Coverage Summary is for illustration purposes only and highlights specific points within The Certificate of Insurance issued to Nelnet Business Solutions, Inc. (NBS).
Maximum Benefit Amount: Forty Thousand Dollars (USD $40,000)
- The Maximum Benefit Amount applies to each NBS Tuition Payment Agreement and payments are initiated upon death of the covered person. Covered person means that one person who is indicated on the NBS Tuition Payment Agreement to be the tuition payer. The covered person must be under the age of 70 on the later of the day insurance is elected or the NBS Tuition Payment Agreement is signed. Electronic signatures are allowed.
- The amount of Benefit payable is limited to the outstanding balance owed to the student(s)’ educational institution, as budgeted through NBS, up to the Maximum Benefit Amount. Payments in arrears, if any, are not covered. The Benefit is payable directly to the institution specified on the NBS Tuition Payment Agreement.
- The coverage effective date is the date on which the NBS Tuition Payment Agreement is executed by the covered person. Coverage ends on the due date of the last scheduled NBS tuition payment.
- Proof of Loss is required to obtain this Benefit. A certified copy of the death certificate, indicating cause of death, must be provided to NBS.
Mutual of Omaha Companies
Please contact Nelnet Business Solutions at 866-506-4637 for additional information.