N.J. Admin. Code § 11:4-41.2
The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Account value policy" means any policy, including, but not limited to, true universal life (flexible premium universal life) and interest sensitive whole life (fixed premium universal life), where benefits (including non-forfeiture or surrender benefits) may be calculated by reference to a policy accumulation account. Policy accumulation accounts reflect the actual premiums paid, actual interest credited, and any mortality or expense charges assessed.
"Act of war" means any act peculiar to military, naval or air operations in time of war.
"Bail-out feature" means a feature whereby the owner may elect to surrender the policy for the cash value without incurring a surrender charge under specified conditions, such as the interest rate(s) credited to the policy falling below a pre-determined rate.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"Designated life option" means an option whereby the beneficiary of a policy may purchase a policy on a designated life.
"Field issue" means a contract where, upon acceptance of a premium, the agent issues the contract for delivery in the field rather than from the home office.
"Flexible premium" means a policy where the policyholder is permitted to vary the amount or timing of premium payments subject to any specified limits.
"Home area" means the 50 states of the United States, District of Columbia and Canada.
"Indeterminate premium policy" means a policy where the insurer retains the right to recalculate the premium required to maintain the policy in force on the basis of future or emerging experience. Indeterminate premium policies may or may not be account value policies.
"Insurer" means any person or persons, corporation, partnership or company authorized by the laws of this State to transact the business of life insurance in this State.
"Life insurance" is as defined at 11:4-40.2.
"Minimum guarantee provision" means a provision which provides that a policy with a policy value not exceeding zero will not lapse so long as premiums paid to date exceed a target sum of stipulated minimum premiums.
"Minimum premium test provision" means a provision which provides that a policy which uses the account value less surrender charge to determine lapse will not lapse so long as the account value remains positive, and the premiums paid to date exceed a target sum of stipulated minimum premiums.
"Option to suspend premiums" means a premium payment option whereby premiums can be paid from the excess of actual cash value over guaranteed cash value to keep the policy in full force on a premium-paying basis.
"Participating policy" means a policy under which the policyholder is entitled to share in the divisible surplus earnings of the company through dividends.
"Policy split option" means an option where a policy covering multiple lives may be split into policies on the individual lives.
"Policy value" means with reference to grace period, policy loan, and reinstatement provisions, the value calculated from the account value in a manner defined in the policy, which is used in determining whether or not the policy remains in force. As examples, the policy may define this value as the account value less debt, or it may define the policy value as the account value less debt less applicable surrender charges.
"Re-entry or requalification feature" means a feature which provides for lower renewal premiums on satisfactory reunderwriting, for issue of a new policy at lower rates if underwriting requirements are met, or one which by its design invites an insurable policyholder to lapse and purchase the same policy at a new issue age.
"Scheduled premium policy" means a policy whereby the owner is required to pay a premium in a scheduled amount at specific intervals. Such policy provides a traditional grace period and nonforfeiture benefits, and a statutory minimum cash value determined on a prospective basis.
"Substitute insured option" means an option primarily used in keyman insurance whereby an individual is substituted for an insured covered by an in-force policy.
"Surrender charge" means the charge imposed by the insurer upon surrender of a policy before it becomes payable by maturity or occurrence of the circumstance insured against.
"Vanish premium option" or "VPO" means a non-forfeiture option whereby extended term insurance is provided for a non-guaranteed period with an option to extend the term through payment of additional premiums.
"War" includes, but is not limited to, declared war, and armed aggression by one or more countries resisted on orders of any other country, combination of countries or international organization.
N.J. Admin. Code § 11:4-41.2
See: 31 New Jersey Register 3910(a), 32 New Jersey Register 1024(a).