N.J. Admin. Code § 11:4-30.11

Current through Register Vol. 56, No. 24, December 18, 2024
Section 11:4-30.11 - Illustrations
(a) Prior to or concurrent with the election of the option to accelerate the payment of death benefits, the owner shall be given an illustration demonstrating the effect of the acceleration of the payment of death benefits on the cash value, death benefit, premium and policy or certificate loans. The illustration shall display any premium or charge necessary to continue coverage following the acceleration. An illustration with representative examples intended for use on a general basis is not satisfactory.
(b) The illustration shall display all expense and interest charges associated with accelerating the death benefit.
(c) Illustrations for use with liens shall contain a statement that future due and unpaid premiums may be included in the lien.

N.J. Admin. Code § 11:4-30.11

Amended by R.2012 d.096, effective 5/7/2012.
See: 43 N.J.R. 3119(a), 44 N.J.R. 1531(a).
In (a), deleted "policy" preceding and "or certificate holder" following "owner", inserted "or certificate", deleted "(including policy liens) of the particular contract involved" following "loans" and substituted "charge" for "group contribution".