™Your Policy Risk Impact Agent
131 chapters · 3,637 sections in this title.
N.J.S.A. 17:16BB-1 Purpose of act.
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17:16BB-1 Purpose of act. 1. a. The purpose of this act is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this State. b. This act shall not apply to: (1) An insurance policy offered by an insurer under the insurance l…
N.J.S.A. 17:16BB-2 Definitions relative to guaranteed asset protection waivers.
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17:16BB-2 Definitions relative to guaranteed asset protection waivers. 2. As used in this act: "Administrator" means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to a guaranteed asset protection waiver program. "Borro…
N.J.S.A. 17:16BB-3 Conditions for offer of GAP waiver.
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17:16BB-3 Conditions for offer of GAP waiver. 3. a. A GAP waiver may be offered, sold or provided to borrowers in this State in compliance with the provisions of this act. b. A GAP waiver may, at the option of the creditor, be sold for a single payment or may be offered with a mo…
N.J.S.A. 17:16BB-4 Obligations of insurer.
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17:16BB-4 Obligations of insurer. 4. a. Contractual liability or other insurance policies insuring GAP waivers shall state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waivers issued by the cre…
