New Jersey § 43:15c-8

§ 43:15c-8.

Any group life insurance policy or policies shall include, with respect to any insurance

terminating or reducing because the participant has ceased to be in service or has

retired, the conversion privilege available upon termination of employment as prescribed

by the law relating to group life insurance, and shall also include, with respect

to life insurance terminating because of termination of the group policy, the conversion

privilege available upon termination of the group policy as prescribed by such law. Any such group policy or policies shall also provide that if the participant dies

within the 31-day period during which the participant would be entitled to exercise

the conversion privilege, the amount of life insurance with respect to which the participant

could have exercised the conversion privilege shall be paid as a claim under the group

policy. When benefits payable upon the death of a participant following retirement are determined

as though the participant had not retired, the death benefits payable under the group

policy or policies, together with the amount of life insurance paid under any individual

policy obtained under the conversion privilege, shall in no event exceed the amount

of insurance for which the participant was insured under the group policy or policies

immediately prior to the date the right of conversion arose. If a participant who has exercised the conversion privilege under the group policy

or policies while on leave of absence or upon termination of employment again becomes

a participant of the retirement program and the individual policy obtained pursuant

to the conversion privilege is still in force, the participant shall not again be

eligible for any of the group life insurance provided under such policy or policies

without furnishing satisfactory evidence of insurability.