New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 41 - STANDARDS FOR INDIVIDUAL LIFE INSURANCE POLICY FORMS
Section 11:4-41.8 - Standards for field issue contracts
Universal Citation: NJ Admin Code 11:4-41.8
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Use of the same form for field issue and home office issue contract shall be permitted when the contract terms are written so as to make the difference in the administrative aspect of the issuance and delivery process negligible.
(b) The following requirements shall apply to field issue contracts:
1. The application shall not be substituted
for or obscure the policy face page.
2. The application and policy shall not be
featured as one form. Separate identifying form numbers and submissions for the
application and policy form are required.
3. Submissions of field issue forms shall
include a certification from an officer of the insurer that the insurer will be
bound by all information recorded by the agent on the application, including,
but not limited to, the initial interest rate and the initial interest rate
guarantee period, even in the case of errors.
4. Coverage under the form shall be effective
no later than the date the policy is delivered to the owner. The form may not
provide a delayed or deferred effective date or be conditionally
effective.
5. Suicide and
contestability provisions shall commence no later than the effective date of
coverage.
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