17B:24-10 - Policy settlements - New Jersey Statutes

17B:24-10.  Policy settlements
    Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from  the claims of creditors of beneficiaries other than the policyholder as set  forth in the policy or as agreed to in writing by the insurer and the policyholder.  Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries.  The insurer shall not  be required to segregate the funds so held but may hold them as part of its  general assets.

     L.1971, c. 144, s. 17B:24-10.