New Jersey Statutes 2A:102-24. Inclusion of statement in prepaid funeral agreement, insurance policy
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Terms Used In New Jersey Statutes 2A:102-24
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
6. A prepaid funeral agreement as defined in section 19 of P.L.1993, c.147 (C. 2A:102-18) which is subject to the provisions of this act shall include, in a conspicuous manner, the following statement: “New Jersey law requires this agreement to be irrevocable for applicants or recipients of public assistance programs (such as the Medicaid, Supplemental Security Income (SSI), Work First New Jersey and Work First New Jersey General Public Assistance programs, or any successor program thereof) and for the State of New Jersey to be named as beneficiary of any irrevocable funeral trust or irrevocably assigned newly issued funeral insurance policy purchased or created for the provision and payment of funeral and burial goods and services. Any moneys remaining after the provision of funeral goods and services shall be paid over to the State as required by law.”
L.1999,c.193,s.6.