17B:25-10.1. Notice mailed to holders of life insurance policy
85 words·~1 min read·
/nj/title-17b/chapter-25/17b-25-10-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An insurer shall give written notice by regular mail to the holder of a life insurance policy when, to prevent lapse of the policy, a premium is paid automatically by charging it against the policy's loan value which is derived from the cash value of the policy. The notice shall show the amount of the loan and the loan interest rate. The notice shall be mailed no later than 30 days after the end of the grace period of the premium paid by loan.
L.1991,c.7,s.1.