New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 30 - ACCELERATED DEATH BENEFITS
Section 11:4-30.9 - Exercise of the option to accelerate the payment of death benefits
Universal Citation: NJ Admin Code 11:4-30.9
Current through Register Vol. 56, No. 6, March 18, 2024
(a) When a partial amount of the death benefit is accelerated:
1. The policy or group certificate shall be
modified by an endorsement which includes a statement of cash values, policy
loans, premiums and death benefits following acceleration.
2. The dividends or non-guaranteed elements
credited thereon shall not discriminate between policies or certificates whose
death benefits have been reduced through acceleration and policies or
certificates originally issued in the amount of the reduced death
benefits.
3. The accidental death
benefit provision, if any, in the policy or certificate shall not be affected
by the payment of the accelerated death benefit.
(b) When the full amount of the death benefit is accelerated, the policy or certificate shall terminate upon the election of acceleration of the benefit.
(c) The accelerated death benefit provision shall be incontestable on the same, or a more favorable, basis as the policy or the group certificate.
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