New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 30 - ACCELERATED DEATH BENEFITS
Section 11:4-30.11 - Illustrations

Universal Citation: NJ Admin Code 11:4-30.11

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Prior to or concurrent with the election of the option to accelerate the payment of death benefits, the owner shall be given an illustration demonstrating the effect of the acceleration of the payment of death benefits on the cash value, death benefit, premium and policy or certificate loans. The illustration shall display any premium or charge necessary to continue coverage following the acceleration. An illustration with representative examples intended for use on a general basis is not satisfactory.

(b) The illustration shall display all expense and interest charges associated with accelerating the death benefit.

(c) Illustrations for use with liens shall contain a statement that future due and unpaid premiums may be included in the lien.

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