New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 4 - ACTUARIAL SERVICES › Subchapter 41 - STANDARDS FOR INDIVIDUAL LIFE INSURANCE POLICY FORMS › Section 11:4-41.4 - Exclusions and prohibitions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Department shall permit the following exclusions for coverage:
1. Aviation exclusions;
2. Avocation exclusions;
3. War risk exclusions, which may include military, non-combatant civilian and civilian exclusions.
i. Regarding military exclusions, risk of death may be excluded under the following conditions:
(1) As a result of war or act of war, if the cause of death occurs while the insured is serving in the military, naval or air forces of any country, combination of countries or international organization, provided such death occurs while in such forces or within six months after termination of service in such forces; or
(2) As a result of the special hazards incident to service in the military, naval or air forces of any country, combination of countries or international organization, if the cause of death occurs while the insured is serving in such forces and is outside the home area, provided such death occurs outside the home area or within six months after the insured's return to the home area or area in such forces or within six months after the termination of service in such forces, whichever is earlier.
ii. Regarding non-combatant exclusions, risk of death may be excluded under the following conditions:
(1) As a result of war or an act of war while the insured is serving in any civilian non-combatant unit serving with such forces, provided such death occurs while in such units or within six months after termination of service in such units, whichever is earlier.
(2) As a result of the special hazards incident to service in any civilian non-combatant unit serving with such forces, if the cause of death occurs while the insured is serving in such units and is outside the home area, provided such death occurs outside the home area or within six months after the insured's return to the home area in such units or within six months after the termination of service in such units, whichever is earlier.
iii. Regarding civilian exclusions, risk of death may be excluded under the following conditions:
(1) As a result of war or an act of war, within two years from the date of issue of the policy, while the insured is not in such forces or units, if the cause of death occurs while the insured is outside the home area, provided such death occurs outside the home area or within six months after the insured's return to the home area.
iv. Any amount payable as a result of death from an excluded act shall be at least equal to the greater of the premiums paid for the policy or the reserve, each adjusted for dividend values, loans, partial withdrawals and surrenders.
v. The filing of any rider or policy provision which provides for a war risk exclusion, an aviation exclusion and/or an avocation exclusion shall be subject to the requirement that the policyowner shall in each case be duly notified of the exclusion, and that the method of notification for a war risk exclusion shall be in the form of a stamp across the face of the policy.