New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 7 - ALTERNATE BENEFIT PROGRAM
Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY
Section 17:7-22.8 - Assignments; group life insurance

Universal Citation: NJ Admin Code 17:7-22.8

Current through Register Vol. 55, No. 48, December 18, 2023

(a) Any participant insured under the Alternate Benefit Program group life insurance policy, pursuant to an arrangement among the insured, the group policyholder and the insurer, shall be entitled to make any person other than the employer a gift assignment of the rights and benefits conferred on the participant by any provision of such group life policy or by law, including specifically but not by way of limitation the right to exercise the conversion privilege and the right to name a beneficiary.

(b) Any such assignment, whether made before or after June 28, 1973, the effective date of this section, shall entitle the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the group life policy in accordance with the terms of the assignment.

Adopted by 47 N.J.R. 905(b), effective 5/4/2015.

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