N.J. Admin. Code § 11:4-25.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:4-25.4 - Disclosure requirements

(a) The submission for the filing of any funeral insurance policy shall be accompanied by a copy of the prepaid funeral agreement to which the policy is related. The prepaid funeral agreement shall provide that:

1. Cancellation of the funeral arrangements will not cancel or otherwise invalidate the funeral insurance policy;

2. Cancellation, withdrawal of, or loans made against, the proceeds or cash value of the policy shall void any price guarantees and indicate, therefore, the likelihood that inadequate funds will exist to pay for the original arrangements as intended; and

3. Cancellation of the prepaid funeral agreement will not result in the refund of premiums paid.

(b) Subsequent amendments to or any replacement of the prepaid funeral agreement, or any new or additional prepaid funeral agreement or agreements to be used with a filed funeral insurance policy, shall be submitted to the Department of Banking and Insurance for prior review and approval to assure compliance with the requirements of (a) above.

N.J. Admin. Code § 11:4-25.4

Amended by R.2001 d.7, effective 1/2/2001.
See: 32 New Jersey Register 3546(a), 33 New Jersey Register 101(a).