In order to provide for fair disclosure in the sale of long-term careinsurance policies:
1. An outline of coverage shall be delivered to an applicant for anindividual long-term care insurance policy at the time of application for anindividual policy. In the case of direct response solicitation, the insurershall deliver the outline of coverage upon the applicant's request, butregardless of request shall make such delivery no later than at the time ofpolicy delivery. The Commission shall prescribe a standard format, includingstyle, arrangement, and overall appearance, and the content of an outline ofcoverage. In the case of agent solicitations, an agent shall deliver theoutline of coverage prior to the presentation of an application or enrollmentform. In the case of direct response solicitations, the outline of coverageshall be presented in conjunction with any application or enrollment form.
Such outline of coverage shall include:
a. A description of the principal benefits and coverage provided in thepolicy;
b. A statement of the exclusions, reductions and limitations contained in thepolicy;
c. A statement of the renewal provisions, including any reservation in thepolicy of a right to change premiums. Continuation or conversion provisionsof group coverage shall be specifically described;
d. A statement that the outline of coverage is a summary of the policy issuedor applied for and that the policy should be consulted to determine governingcontractual provisions;
e. A description of the terms under which the policy may be returned andpremium refunded; and
f. A brief description of the relationship of cost of care and benefits.
2. A certificate delivered or issued for delivery in this Commonwealth shallinclude:
a. A description of the principal benefits and coverage provided in thepolicy;
b. A statement of the exclusions, reductions and limitations contained in thepolicy; and
c. A statement that the group master policy should be consulted to determinegoverning contractual provisions.
3. The Commission shall adopt and publish a Long-Term Care Insurance ConsumerGuide. After adoption and publication by the Commission, a copy of theConsumer Guide shall be provided at the time of delivery of the policy orcertificate.
4. No long-term care insurance policy or certificate shall be marketed as aqualified long-term care insurance policy or federally tax-qualifiedlong-term care insurance contract unless the policy or contract contains astatement prominently disclosing that such policy or certificate is aqualified long-term care insurance policy or federally tax-qualifiedlong-term care insurance contract.
In order to provide for fair disclosure in the sale of long-term careinsurance policies:
1. An outline of coverage shall be delivered to an applicant for anindividual long-term care insurance policy at the time of application for anindividual policy. In the case of direct response solicitation, the insurershall deliver the outline of coverage upon the applicant's request, butregardless of request shall make such delivery no later than at the time ofpolicy delivery. The Commission shall prescribe a standard format, includingstyle, arrangement, and overall appearance, and the content of an outline ofcoverage. In the case of agent solicitations, an agent shall deliver theoutline of coverage prior to the presentation of an application or enrollmentform. In the case of direct response solicitations, the outline of coverageshall be presented in conjunction with any application or enrollment form.
Such outline of coverage shall include:
a. A description of the principal benefits and coverage provided in thepolicy;
b. A statement of the exclusions, reductions and limitations contained in thepolicy;
c. A statement of the renewal provisions, including any reservation in thepolicy of a right to change premiums. Continuation or conversion provisionsof group coverage shall be specifically described;
d. A statement that the outline of coverage is a summary of the policy issuedor applied for and that the policy should be consulted to determine governingcontractual provisions;
e. A description of the terms under which the policy may be returned andpremium refunded; and
f. A brief description of the relationship of cost of care and benefits.
2. A certificate delivered or issued for delivery in this Commonwealth shallinclude:
a. A description of the principal benefits and coverage provided in thepolicy;
b. A statement of the exclusions, reductions and limitations contained in thepolicy; and
c. A statement that the group master policy should be consulted to determinegoverning contractual provisions.
3. The Commission shall adopt and publish a Long-Term Care Insurance ConsumerGuide. After adoption and publication by the Commission, a copy of theConsumer Guide shall be provided at the time of delivery of the policy orcertificate.
4. No long-term care insurance policy or certificate shall be marketed as aqualified long-term care insurance policy or federally tax-qualifiedlong-term care insurance contract unless the policy or contract contains astatement prominently disclosing that such policy or certificate is aqualified long-term care insurance policy or federally tax-qualifiedlong-term care insurance contract.
In order to provide for fair disclosure in the sale of long-term careinsurance policies:
1. An outline of coverage shall be delivered to an applicant for anindividual long-term care insurance policy at the time of application for anindividual policy. In the case of direct response solicitation, the insurershall deliver the outline of coverage upon the applicant's request, butregardless of request shall make such delivery no later than at the time ofpolicy delivery. The Commission shall prescribe a standard format, includingstyle, arrangement, and overall appearance, and the content of an outline ofcoverage. In the case of agent solicitations, an agent shall deliver theoutline of coverage prior to the presentation of an application or enrollmentform. In the case of direct response solicitations, the outline of coverageshall be presented in conjunction with any application or enrollment form.
Such outline of coverage shall include:
a. A description of the principal benefits and coverage provided in thepolicy;
b. A statement of the exclusions, reductions and limitations contained in thepolicy;
c. A statement of the renewal provisions, including any reservation in thepolicy of a right to change premiums. Continuation or conversion provisionsof group coverage shall be specifically described;
d. A statement that the outline of coverage is a summary of the policy issuedor applied for and that the policy should be consulted to determine governingcontractual provisions;
e. A description of the terms under which the policy may be returned andpremium refunded; and
f. A brief description of the relationship of cost of care and benefits.
2. A certificate delivered or issued for delivery in this Commonwealth shallinclude:
a. A description of the principal benefits and coverage provided in thepolicy;
b. A statement of the exclusions, reductions and limitations contained in thepolicy; and
c. A statement that the group master policy should be consulted to determinegoverning contractual provisions.
3. The Commission shall adopt and publish a Long-Term Care Insurance ConsumerGuide. After adoption and publication by the Commission, a copy of theConsumer Guide shall be provided at the time of delivery of the policy orcertificate.
4. No long-term care insurance policy or certificate shall be marketed as aqualified long-term care insurance policy or federally tax-qualifiedlong-term care insurance contract unless the policy or contract contains astatement prominently disclosing that such policy or certificate is aqualified long-term care insurance policy or federally tax-qualifiedlong-term care insurance contract.
