New Jersey Statutes 46:30B-24. Determining maturity of insurance policy or annuity contract
Terms Used In New Jersey Statutes 46:30B-24
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity. See New Jersey Statutes 46:30B-6
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See New Jersey Statutes 46:30B-6
a. The company knows that the insured or annuitant has died; or
b. The insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based;
c. The policy was in force at the time the insured attained, or would have attained, the limiting age specified in subsection b.; and
d. Neither the insured nor any other person appearing to have an interest in the policy within the preceding two years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a contemporaneous memorandum or other record on file prepared by an employee of the company.
L.1989, c.58, s.1; amended 2002, c.35, s.19.