New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 41 - STANDARDS FOR INDIVIDUAL LIFE INSURANCE POLICY FORMS
Section 11:4-41.9 - Standards for other insured coverage
Universal Citation: NJ Admin Code 11:4-41.9
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The following standards shall apply to other insured coverage, which provides coverage to an insured other than the policy's primary insured:
1. The form shall clearly describe what
happens to the insurance on the other insured upon the death of the primary
insured.
2. If coverage on the
other insured terminates upon the death of the primary insured, then the form
shall provide for the return of the unearned premium (or cost of insurance).
Alternatively, the form may continue coverage on the other insured for the
remainder of the period purchased by the premium (or cost of
insurance).
3. The form may
continue the coverage on the other insured by waiver of premium (or cost of
insurance).
4. The form may
continue the coverage on the other insured through paid-up term insurance. In
such a case, the form shall include the following:
i. A description of the basis for calculating
the cash value of such paid-up insurance;
ii. A statement that the paid-up insurance
may be surrendered at any time for its cash value; and
iii. A statement that if the paid-up
insurance is surrendered within 30 days after a policy anniversary, the value
available shall not be less than the anniversary value.
5. The form may continue coverage on the
other insured as paid-up term insurance evidenced by a separate policy to be
issued by the insurer.
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