N.J. Stat. § 46:38A-28: Investment or payment of premiums on life insurance or endowment policies by custodian

A custodian may invest in or pay premiums on life insurance or endowment policies on the life of the minor only if the minor or the minor's estate is the sole beneficiary, or the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the irrevocable beneficiary. Source: New.

P.L. 1987, c. 18, s.1..