New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 35-11

No corporation transacting the business of life insurance under this article  1 shall issue a certificate or policy upon the life of any person more than sixty years of age, except in case of transfer of policyholders as provided herein, nor upon any life in which the beneficiary named has no legal insurable interest. Any assignment of the policy or certificate to a person having no insurable interest in the insured’s life shall render the policy or certificate void.