N.J. Admin. Code § 11:4-41.8

Current through Register Vol. 56, No. 23, December 2, 2024

Section 11:4-41.8 - Standards for field issue contracts

(a) Use of the same form for field issue and home office issue contract shall be permitted when the contract terms are written so as to make the difference in the administrative aspect of the issuance and delivery process negligible.

(b) The following requirements shall apply to field issue contracts:

1. The application shall not be substituted for or obscure the policy face page.

2. The application and policy shall not be featured as one form. Separate identifying form numbers and submissions for the application and policy form are required.

3. Submissions of field issue forms shall include a certification from an officer of the insurer that the insurer will be bound by all information recorded by the agent on the application, including, but not limited to, the initial interest rate and the initial interest rate guarantee period, even in the case of errors.

4. Coverage under the form shall be effective no later than the date the policy is delivered to the owner. The form may not provide a delayed or deferred effective date or be conditionally effective.

5. Suicide and contestability provisions shall commence no later than the effective date of coverage.

N.J. Admin. Code § 11:4-41.8

Amended by R.2007 d.131, effective 5/7/2007.
See: 38 N.J.R. 4392(a), 39 N.J.R. 1733(a).
In (a), substituted "be permitted when the contract terms are written so as to make the difference in the administrative aspect of the issuance and delivery process negligible" for "not be permitted".