Neb. Rev. Stat. » Chapter 44
Nebraska Revised Statutes

Neb. Rev. Stat. § 44-602 (2026)

Over-insurance; procurement unlawful

✓ text as last checked Oct. 2026 (this copy records no edition or section history)
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It shall be unlawful for any party having an insurable interest in property located in this state to knowingly procure any fire insurance policy upon his interest in such property, for an amount in excess of the fair value of his interest in the property, or for an amount which, with any existing insurance thereon, exceeds the fair value of his interest in the property.

Notes of Decisions
Cited in 12 cases (1 in the last 5 years), 1932–2023 · leading case: Gillan v. Equitable Life Assurance Soc'y, 10 N.W.2d 693 (Neb. 1943).
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Gillan v. Equitable Life Assurance Soc'y, 10 N.W.2d 693 (Neb. 1943). · cites it 2× “Whether they were representations or warranties, if made by plaintiff, must depend upon an analysis of the contract, and application thereto of the part of section 44-602, Comp. St. 1929, which distinguishes representations and warranties in insurance contracts where the…”
George v. Guarantee Mut. Life Co., 13 N.W.2d 176 (Neb. 1944). · cites it 2× “1929, provides in the fourth paragraph thereof as follows: “A provision that all statements made by the insured shall, in the absence of fraud, *295 be deemed representations and not warranties, and that no such statement shall avoid the policy unless it is contained in a…”
Burstein v. State Mut. Life Assurance Co., 1 N.W.2d 115 (Neb. 1941). · cites it 4× “1929, provides in part: “No policy of life or endowment insurance, except policies of industrial insurance or where the premiums are payable monthly or oftener, shall be issued or delivered in this state unless it contains in substance the following provisions: * * * 2.”
State ex rel. Smrha v. Cosmopolitan Old Line Life Ins., 287 N.W. 654 (Neb. 1939). · cites it 8× “Section 44-602, Comp. St. 1929, requires that every policy ' of life insurance (“except policies of industrial insurance or where the premiums are payable monthly or of tener”) shall contain among other things, provisions for nonforfeitable loan and surrender values and for…”
Callahan v. Brant, 990 N.W.2d 1 (Neb. 2023). · cites it 2× “BRANT issue fire policies, and insureds who procure fire policies, are “presumed to know the insurable value of such building.”
State ex rel. Repub. Nat'l Life Ins. v. Smrha, 293 N.W. 372 (Neb. 1940). · cites it 4× “In this connection section 44-602, Comp. St. 1929, provides in part: “No policy of life or endowment insurance * * * shall be issued or delivered in this state unless it contains in substance the.”
Scott v. New England Mut. Life Ins., 256 N.W. 910 (Neb. 1934). · cites it 2× “In subdivision 4 of section 44-602, Comp. St. 1929, it is provided that all statements made by the insured shall in the absence of fraud be deemed representations, and not warranties, and that no such statement shall avoid the policy unless it is contained in a written…”
Kelly v. Prudential Ins. Co. of Am., 266 N.W. 757 (Neb. 1936). · cites it 2× “The extended insurance was for $3,000 (the face of the policy) less $1,191 (its gross cash surrender value) and was based upon the net term rate for the resulting $1,809 of insurance at insured’s attained age of 41 years.”
Penn Mut. Life Ins. v. Lindquist, 266 N.W. 600 (Neb. 1936). · cites it 2× “, and then provided: “No other provisions of said policy shall 'be deemed to apply to this agreement;” and, therefore, by its *823 own terms the incontestability clause after one year did not apply to this disability rider.”
Bankers Life Ins. Co. v. Laughlin, 70 N.W.2d 474 (Neb. 1955). · cites it 2× “This provision became section 44-602, Comp. St. 1929; section 44-502, R.”
Higgins v. Old Line Ins., 240 N.W. 275 (Neb. 1932). · cites it 2× “Section 44-602, Comp. St.' 1929, provides: “No policy * * * shall be issued * * * in this state unless it contains in substance the following provisions : * * * 2.”
State ex rel. Smrha v. Cosmopolitan Old Line Life Ins., 291 N.W. 72 (Neb. 1940). · cites it 6× “We also refer to section 44-602, Comp. St. 1929, which requires that every policy of life insurance, “except policies of industrial insurance or where the premiums are payable monthly or oftener,” shall contain, among other things, provisions for nonforfeitable loan and…”
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