§431:10H-114  Life insurance policies
offering long-term care benefits.  (a)  At the time of policy delivery, a
policy summary shall be delivered for an individual life insurance policy that
provides long-term care benefits within the policy or by rider.  In the case of
direct response solicitations, the insurer shall deliver the policy summary
upon the applicant's request, but regardless of the request shall make delivery
no later than at the time of policy delivery.  In addition to complying with
all applicable requirements, the policy summary shall also include:



(1)  An explanation of how the long-term care benefit
interacts with other components of the policy, including deductions from death
benefits;



(2)  An illustration of the amount of benefits, the length
of benefit, and the guaranteed lifetime benefits if any, for each covered
person;



(3)  Any exclusions, reductions, and limitations on
benefits of long-term care;



(4)  A statement that any long-term care inflation
protection option required by section 431:10H-220 is not available under this
policy;



(5)  If applicable to the policy type, the summary
shall also include a disclosure of the effects of exercising other rights under
the policy, a disclosure of guarantees related to long-term care costs of insurance
charges, and current and projected maximum lifetime benefits; and



(6)  The provisions of the policy summary listed above
may be incorporated into a basic illustration required to be delivered or into
the life insurance policy summary that is required to be delivered.



(b)  Any time 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
month;



(2)  An explanation of any changes in the policy, for
example death benefits or cash values, due to long-term care benefits being
paid out; and



(3)  The amount of long-term care benefits existing or
remaining.



(c)  Any policy advertised, marketed, or
offered as long-term care or nursing home insurance shall comply with this
article. [L 1999, c 93, pt of §2; am L 2007, c 233, §9]