45:7-86 - Additional provisions - New Jersey Statutes

45:7-86.     Additional provisions 
    5.   In addition to those provisions required in section 4 of this act, agreements connecting a funeral insurance policy to a prepaid funeral agreement shall provide that: 

   a.   Cancellation of the funeral arrangements will not cancel or otherwise invalidate the funeral insurance policy; 

   b.   Cancellation, withdrawal of, or loans made against, the proceeds or cash value of the policy shall void any price guarantees and indicate, therefore, the likelihood that inadequate funds will exist to pay for the original arrangements as intended; and 

   c.   Cancellation of the prepaid funeral agreement will not result in the refund of premiums paid. 

   L.1993,c.147,s.5.