17:16C-34 - Cancellation of insurance policies; crediting next maturing installment of contract with refund - New Jersey Statutes

17:16C-34.  Cancellation of insurance policies;  crediting next maturing installment of contract with refund
    If any policy or policies or certificates of insurance or other benefits are  canceled, or the premiums thereon adjusted, the unearned insurance premium  refund or refund on other benefits received by the retail seller or subsequent  holder of the retail installment contract shall be credited to the next  maturing installments of the retail installment contract, except to the extent  applied toward payment for similar insurance protecting the interest of the  buyer and the retail seller or holder of the contract or any of them; provided  that in the case of credit life or credit accident and health insurance, the  refund to the buyer shall be made in accordance with chapter 169 of the laws of  1958, and provided further that if the amount of such refund is less than the  minimum prescribed by the commissioner, no refund need be made.

     L.1960, c. 40, p. 155, s. 34.