New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 41 - STANDARDS FOR INDIVIDUAL LIFE INSURANCE POLICY FORMS
Section 11:4-41.4 - Exclusions and prohibitions
Universal Citation: NJ Admin Code 11:4-41.4
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The Department shall permit the following exclusions for coverage:
1. Aviation exclusions;
2. Avocation exclusions;
3. War risk exclusions, which may include
military, non-combatant civilian and civilian exclusions.
i. Regarding military exclusions, risk of
death may be excluded under the following conditions:
(1) As a result of war or act of war, if the
cause of death occurs while the insured is serving in the military, naval or
air forces of any country, combination of countries or international
organization, provided such death occurs while in such forces or within six
months after termination of service in such forces; or
(2) As a result of the special hazards
incident to service in the military, naval or air forces of any country,
combination of countries or international organization, if the cause of death
occurs while the insured is serving in such forces and is outside the home
area, provided such death occurs outside the home area or within six months
after the insured's return to the home area or area in such forces or within
six months after the termination of service in such forces, whichever is
earlier.
ii. Regarding
non-combatant exclusions, risk of death may be excluded under the following
conditions:
(1) As a result of war or an act
of war while the insured is serving in any civilian non-combatant unit serving
with such forces, provided such death occurs while in such units or within six
months after termination of service in such units, whichever is
earlier.
(2) As a result of the
special hazards incident to service in any civilian non-combatant unit serving
with such forces, if the cause of death occurs while the insured is serving in
such units and is outside the home area, provided such death occurs outside the
home area or within six months after the insured's return to the home area in
such units or within six months after the termination of service in such units,
whichever is earlier.
iii. Regarding civilian exclusions, risk of
death may be excluded under the following conditions:
(1) As a result of war or an act of war,
within two years from the date of issue of the policy, while the insured is not
in such forces or units, if the cause of death occurs while the insured is
outside the home area, provided such death occurs outside the home area or
within six months after the insured's return to the home area.
iv. Any amount payable as a result
of death from an excluded act shall be at least equal to the greater of the
premiums paid for the policy or the reserve, each adjusted for dividend values,
loans, partial withdrawals and surrenders.
v. The filing of any rider or policy
provision which provides for a war risk exclusion, an aviation exclusion and/or
an avocation exclusion shall be subject to the requirement that the policyowner
shall in each case be duly notified of the exclusion, and that the method of
notification for a war risk exclusion shall be in the form of a stamp across
the face of the policy.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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