N.J.S.A 17:35-29. Policy or certificate requirements generally

17:35-29. Policy or certificate requirements generally

No policy or certificate shall be issued by any domestic company or association or shall be issued or delivered in this State to any resident thereof by any foreign company or association unless there shall be printed conspicuously at the top of the first page any one of the following: “Assessment Policy” , “Assessment Certificate” , or “Assessment Insurance.” No policy or certificate shall be so issued unless the consideration clause therein shall contain a reference to the liability of the holder or member for assessment, nor unless the policy or certificate shall contain a clause setting forth fully the limitations under which assessments may be levied, the limitations on the amount and frequency thereof, if any, and a statement as to the mode and period of notice of assessment to be given to the policyholder or member by the company or association. Every policy or certificate making provision for a grace period for the payment of premiums shall provide a like period of grace for the payment of assessments, and shall also provide that any benefits available at the lapse of the policy or certificate for nonpayment of premium shall be similarly available in the event of lapse for nonpayment of an assessment. In the reinstatement of any such policy or certificate, any requirement for the payment of premiums in arrears shall apply in like manner to assessments in arrears and the policy or certificate shall so provide.

L.1938, C. 232, p. 534, S.4.

Case(s):

Look up case for New Jersey Statute 17:35-29. Policy or certificate requirements generally

Original Text maintained by the State of New Jersey:

NJ Maintained Unanotated Statutes References to 17:35-29. Policy or certificate requirements generally

Previous: 17:35-28. Policy or certificate granting sickness, bodily injury or accidental death benefits Next: 17:35-30. Reserve on policies or certificates granting natural death benefits

Disclaimer: Always check for the most up to date language of a statute. Every time a new law is enacted it has a possibility of changing the wording of a statute or override case law. These pages were created to assist in looking up and migrating between statutes easily. No accuracy is guaranteed. If you need help with researching law, contact an attorney.

Related Posts

Leave a Reply