N.J.A.C. 18:26-5.20 (2014)
§ 18:26-5.20 Dividends and refunds on life insurance policies
Dividend accumulations, post mortem dividends, terminals dividends and premium refunds on contracts of life insurance although payable at the same time are not considered part of the life insurance proceeds of the policy and are taxable to the beneficiary as transfers taking effect at or after the death of the insured.
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