New Jersey Statutes 45:7-84. Requirements for provider of certain funeral arrangements, agreements
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Terms Used In New Jersey Statutes 45:7-84
- 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.
3. No provider shall enter into, or offer to enter into, a prepaid funeral agreement, or provide or offer to provide a funeral trust or funeral insurance policy in connection therewith, unless:
a. At the same time he makes preneed funeral arrangements for the intended funeral recipient on a statement of funeral goods and services;
b. He meets all requirements with respect to the making of at need funeral arrangements as otherwise required by law;
c. The insurance policy or annuity contract to be provided or offered as a newly issued funeral insurance policy complies with the provisions of section 24 of P.L.1993, c.147 (C. 17B:17-5.1);
d. If a newly issued funeral insurance policy is provided or offered, he is duly licensed as an insurance producer pursuant to P.L.1987, c.293 (C. 17:22A-1 et seq.).
L.1993,c.147,s.3; amended 1994,c.163,s.2.