§431:10H-114  Life insurance policiesoffering long-term care benefits.  (a)  At the time of policy delivery, apolicy summary shall be delivered for an individual life insurance policy thatprovides long-term care benefits within the policy or by rider.  In the case ofdirect response solicitations, the insurer shall deliver the policy summaryupon the applicant's request, but regardless of the request shall make deliveryno later than at the time of policy delivery.  In addition to complying withall applicable requirements, the policy summary shall also include:

(1)  An explanation of how the long-term care benefitinteracts with other components of the policy, including deductions from deathbenefits;

(2)  An illustration of the amount of benefits, the lengthof benefit, and the guaranteed lifetime benefits if any, for each coveredperson;

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

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

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

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

(b)  Any time a long-term care benefit fundedthrough a life insurance vehicle by the acceleration of the death benefit is inbenefit payment status, a monthly report shall be provided to thepolicyholder.  The report shall include:

(1)  Any long-term care benefits paid out during themonth;

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

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

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