New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 3 - AUTOMOBILE INSURANCE
Subchapter 28 - UNSATISFIED CLAIM AND JUDGMENT FUND'S REIMBURSEMENT OF EXCESS MEDICAL EXPENSE BENEFITS PAID BY INSURERS
Appendix B
Current through Register Vol. 56, No. 6, March 18, 2024
AMORTIZATION FORMULA
The Fund shall evaluate the cost effectiveness of modifications to a residence and shall establish an amortization schedule based on information submitted to the Fund by the insurer. The insurer shall file with the Fund the information in categories (a) through (d) below. This information shall be accompanied by the documentation which supports the information in those categories. The factors which shall be considered by the Fund include:
(a) Cost of modifications;
(b) Annual cost of home care, including but not limited to, nursing care, therapy, transportation for medical treatment and medical supplies;
(c) Life expectancy of the injured person;
(d) Annual cost of other residential care alternatives;
(e) Monthly amount amortized; and
(f) Term of amortization in months.
(a + (b x c)) < (d x c)
The Fund shall only approve modifications where the above formula applies.
(d - b)/12 = e
a/e = f
The following examples demonstrate how the formulas shall be applied:
Click here to view image.
APPENDIX B
ITEM 1
APPENDIX B
ITEM 2
THIS FORM IS A FORMAT AND NOT TO BE USED IN SUBMITTING REPORTS TO THE FUND
60 DAY REPORT
APPENDIX B
ITEM 3
THIS FORM IS A FORMAT AND NOT TO BE USED IN SUBMITTING REPORTS TO THE FUND
6 MONTH SUMMARY REPORT
