17B:25-2 - Standard provisions required - New Jersey Statutes

17B:25-2.  Standard provisions required
    a.  No policy of life insurance, other than group insurance and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this State unless it contains in substance all of the applicable provisions specified in sections 17B:25-3 to 17B:25-14, inclusive, of this chapter or provisions which in the opinion of the  commissioner are not less favorable to the insured or the owner if other than  the insured.  This section shall not apply to any provision of a life insurance  policy, or contract supplemental thereto, relating to disability benefits or to  additional benefits in event of death by accident or accidental means or in  event of dismemberment or loss of sight.

    b.  If any such provision is in whole or in part inapplicable to or inconsistent with the coverage provided by a particular form of policy (such as  a single premium policy, a term policy, or a policy insuring more than one person) the insurer, with the approval of the commissioner, shall omit from such policy any inapplicable provision or part of a provision, and shall modify  any inconsistent provision or part of a provision in such manner as to make the  provision as contained in the policy consistent with the coverage provided by  the policy.

    c.  In lieu of the provisions required by this section, substantially similar provisions required by the law of the domicile of a foreign or alien insurer may be used with the approval of the commissioner.

    d.  Where a policy of life insurance provides for both insurance and an annuity, this section shall apply only to that part of the policy which provides for insurance.

     L.1971, c. 144, s. 17B:25-2.