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17:50-7. Power of attorney; requisites; policies without contingent liability
New Jersey Statutes (Unannotated) / NEW JERSEY GENERAL AND PERMANENT STATUTES (UPDATED THROUGH P.L.2023, c.256, and J.R.18) / TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
...
17
:
50-7
.
Power
of
attorney
;
requisites
;
policies
without
contingent
liability
17
:
50-7
.
Power
of
attorney
;
requisites
;
policies
without
contingent
liability
The
power
of
attorney
under which any contracts of insurance are exchanged pursuant to this act shall provide for a cash premium deposit and a
contingent
several
liability
of the subscriber during each annual period of the term of each contract of insurance issued to him to be fixed in the
power
of
attorney
but in an amount not less than one or more than ten times the amount of the annual portion of such cash premium deposit stated...
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