N.J. Admin. Code § 11:4-53.5

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:4-53.5 - Standards for critical illness coverage

(a) The total benefit amounts available under the policy shall only be available in increments of $ 1,000. As long as the policy clearly indicates, in cases of clearly identifiable forms of diseases with significantly lower treatment costs, lesser amounts may be provided, but in no event shall amounts be less than 25 percent of the largest benefit amount under the policy.

(b) The benefit shall be payable upon initial and medically appropriate diagnosis of a specified disease covered by the policy. There shall be no requirement that the insured survive for any period of time in order for the benefit to be payable.