17:35-29 - Policy or certificate requirements generally - New Jersey Statutes

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.