New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 21 - LIMITED DEATH BENEFITS FORMS
Section 11:4-21.2 - Definitions

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.

"Advertising" means any advertising materials and sales presentations in the following categories:

1. Printed and published material, audiovisual material, and descriptive literature of an insurer used in direct mail, newspapers, magazines, radio and television scripts, billboards and similar displays;

2. Descriptive literature and sales aids of all kinds issued by an insurer or producer, including, but not limited to, circulars, leaflets, booklets, depictions, illustrations, and form letters;

3. Material used for the recruitment, training and education of an insurer's sales personnel, producers, solicitors, and brokers which is designed to be used or used to induce the public to purchase, increase, modify, reinstate, or retain a policy; and

4. Prepared sales talks, presentations and material for use by sales personnel, producers, solicitors and brokers.

"Department" means the New Jersey Department of Banking and Insurance.

"Full death benefit policy" means any individual life insurance policy, group life insurance policy, group life insurance certificate, or fraternal benefit society certificate delivered or issued for delivery in this State which provides the full face amount as the death benefit at all times following the inception date of the policy and which provides a death benefit greater than premiums accumulated at the nonforfeiture interest rate used to determine nonforfeiture values under the policy during the limited death benefit period defined at 11:4-21.3(g).

"Limited death benefit policy" means any individual life insurance policy, group life insurance policy, group life insurance certificate, or fraternal benefit society certificate delivered or issued for delivery in this State which limits death benefits during a period following the inception date of the policy as an alternative to underwriting. Limited death benefit policies include those single pay and limited pay life insurance policy forms where, at any issue age, the premium or premiums accumulated at the nonforfeiture interest rate used to determine nonforfeiture values under the policy are equal to or in excess of the guaranteed death benefit during the limited death benefit period defined at 11:4-21.3(g), regardless of whether the form is underwritten. Limited death benefit policies also include those funeral insurance policies as defined at N.J.S.A. 17B:17-5.1a that meet the requirements set forth in 11:4-21.1(b).