The Board of Regents of the University of Nebraska shall establish an insurance program which provides coverage to student athletes for personal injuries or accidental death while participating in university-organized play or practice in an intercollegiate athletic event. Such insurance program shall include, but not be limited to, the following coverages:

(1) All reasonable and necessary hospital, medical, and surgical services for a period of six years after the date of injury up to a maximum amount of one million dollars;

(2) For any total disability lasting longer than one year from the date of injury and which prevents further participation by the student in intercollegiate athletics, a minimum annuity of two thousand dollars per month to be paid to the disabled person beginning one year after the date of injury and continuing thereafter during the period of total disability, but not beyond six years from the date of injury;

(3) For any permanent and total disability, a minimum annuity of three thousand dollars per month to be paid to the disabled person beginning six years after the date of injury and continuing thereafter during the period of total disability;

(4) For any permanent partial disability when there is at least a seventy percent loss of use of a limb and when the student is unable to further participate in intercollegiate athletics, the plan shall provide for payment of a lump-sum benefit in the minimum amount of ten thousand dollars one year after the date of injury; and

(5) For accidental death or dismemberment while participating in university-organized play or practice in an intercollegiate athletic event, the plan shall provide for payment of a lump-sum benefit in the minimum amount of one hundred thousand dollars.

Such insurance program may include self-insurance by the University of Nebraska of any risk or deductible amount specified by the Board of Regents and, with respect to hospital, medical, and surgical services, may be coordinated with any other valid and collectible insurance providing coverage for a student athlete outside of the university's insurance program so that accident and health coverage is provided by the University of Nebraska without duplication of any such outside insurance coverage.