§ 8091. Policy summary for life insurance policy providing long-term care benefits
§ 8091. Policy summary for life insurance policy providing long-term care benefits (a) If an individual life insurance policy provides long-term care benefits within the policy or by rider, a policy summary shall be delivered at the time of policy delivery. In the case of direct response solicitations, the insurer shall deliver the policy summary […]
§ 8092. Acceleration of life insurance death benefit; monthly report
§ 8092. Acceleration of life insurance death benefit; monthly report Anytime a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report shall be provided to the policyholder. The report shall include: (1) any long-term care benefits paid out during the […]
§ 8093. Denial of claims; written explanation
§ 8093. Denial of claims; written explanation (a) If a claim under a long-term care insurance contract is denied, the issuer shall, within 60 days of the date of a written request by the policyholder or certificate holder, or a representative thereof: (1) provide a written explanation of the reasons for the denial; and (2) […]
§ 8094. Incontestability period
§ 8094. Incontestability period (a) For a policy or certificate that has been in force for less than six months, an insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim upon a showing of misrepresentation that is material to the acceptance for coverage. (b) For […]
§ 8095. Nonforfeiture benefits
§ 8095. Nonforfeiture benefits (a) Except as provided in subsection (b) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this State unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate that includes a nonforfeiture benefit. The offer of […]
§ 8096. Secondary notice of cancellation
§ 8096. Secondary notice of cancellation The Commissioner shall adopt the National Association of Insurance Commissioners’ model rule regarding secondary notice of cancellation of long-term care policies. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
§ 8097. Authority to adopt rules
§ 8097. Authority to adopt rules The Commissioner shall adopt reasonable rules to promote premium adequacy and to protect the policyholder in the event of substantial rate increases, and to establish minimum standards for marketing practices, agent compensation, field issuance, agent testing, penalties, and reporting practices for long-term care insurance. (Added 2003, No. 124 (Adj. […]
§ 8098. Buyer’s guide
§ 8098. Buyer’s guide The Commissioner shall require that a person offering long-term care insurance distribute to applicants a buyer’s guide in a form prescribed by the Commissioner. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
§ 8099. Enforcement
§ 8099. Enforcement (a) No policy may be advertised, marketed, or offered as long-term care insurance unless it complies with the provisions of this chapter and rules adopted under this chapter. (b) In addition to any other remedy or sanction provided by law, after notice and opportunity for hearing, the Commissioner may assess an administrative […]
§ 8089. Right to return; free look
§ 8089. Right to return; free look (a) Individual long-term care insurance policyholders shall have the right to return the policy within 30 days of its delivery and to have the premium refunded if, after examination of the policy, the policyholder is not satisfied for any reason. Individual long-term care insurance policies shall have a […]