17:35-11 - Eligibility for insurance; insurable interest; assignment - New Jersey Statutes

17:35-11.  Eligibility for insurance;  insurable interest;  assignment
    No corporation transacting the business of life insurance under this article  shall issue a certificate or policy upon the life of any person more than sixty  years of age, except in case of transfer of policyholders as provided herein,  nor upon any life in which the beneficiary named has no legal insurable  interest.  Any assignment of the policy or certificate to a person having no  insurable interest in the insured's life shall render the policy or certificate  void.