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New Jersey Statutes, Title: 17B, INSURANCE
Chapter 27:
Section: 17B:27-73: Issuance, delivery of individual policy of life insurance.
6. If an individual insured under a group insurance policy hereafter delivered or issued for delivery in this State becomes entitled under the terms of the policy to have an individual policy of life insurance issued without evidence of insurability, subject to making application and payment of the first premium within the period specified in the policy, and if the individual is not given notice of the existence of the right at least 15 days prior to the expiration date of the period, then the individual shall have an additional period within which to exercise the right, but nothing herein contained shall be construed to continue any insurance beyond the period provided in the policy. This additional period shall expire 15 days after the individual is given notice but in no event shall the additional period extend beyond 60 days after the expiration date of the period provided in the policy. Written notice presented to the individual or mailed by the policyholder to the last known address of the individual or mailed by the insurer to the last known address of the individual as furnished by the policyholder shall constitute notice for the purpose of this section.
L.2005,c.190,s.6.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17b:27-73 (if available):
Court decisions that cite this statute:
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