Each long-term care policy or certificate shall include an incontestabilityprovision that includes the following:
1. For a policy or certificate that has been in force for less than sixmonths, an insurer may rescind a long-term care insurance policy orcertificate or deny an otherwise valid long-term care insurance claim upon ashowing of misrepresentation that is material to the acceptance of coverage.
2. For a policy or certificate that has been in force for at least six monthsbut less than two years, an insurer may rescind a long-term care insurancepolicy or certificate or deny an otherwise valid long-term care insuranceclaim upon a showing of misrepresentation that is both material to theacceptance of coverage and that pertains to the condition for which benefitsare sought.
3. After a policy or certificate has been in force for two years, it is notcontestable upon the grounds of misrepresentation alone, and such policy orcertificate may be contested only upon a showing that the insured knowinglyand intentionally misrepresented relevant facts relating to the insured'shealth.
4. In the event of the death of the insured, this section shall not apply tothe remaining death benefit of a life insurance policy that acceleratesbenefits for long-term care. In such event, the contestability of theremaining death benefits under such a life insurance policy shall be governedby the provisions of § 38.2-3305 or § 38.2-3326. In all other situations,this section shall apply to life insurance policies that accelerate benefitsfor long-term care.
Each long-term care policy or certificate shall include an incontestabilityprovision that includes the following:
1. For a policy or certificate that has been in force for less than sixmonths, an insurer may rescind a long-term care insurance policy orcertificate or deny an otherwise valid long-term care insurance claim upon ashowing of misrepresentation that is material to the acceptance of coverage.
2. For a policy or certificate that has been in force for at least six monthsbut less than two years, an insurer may rescind a long-term care insurancepolicy or certificate or deny an otherwise valid long-term care insuranceclaim upon a showing of misrepresentation that is both material to theacceptance of coverage and that pertains to the condition for which benefitsare sought.
3. After a policy or certificate has been in force for two years, it is notcontestable upon the grounds of misrepresentation alone, and such policy orcertificate may be contested only upon a showing that the insured knowinglyand intentionally misrepresented relevant facts relating to the insured'shealth.
4. In the event of the death of the insured, this section shall not apply tothe remaining death benefit of a life insurance policy that acceleratesbenefits for long-term care. In such event, the contestability of theremaining death benefits under such a life insurance policy shall be governedby the provisions of § 38.2-3305 or § 38.2-3326. In all other situations,this section shall apply to life insurance policies that accelerate benefitsfor long-term care.
Each long-term care policy or certificate shall include an incontestabilityprovision that includes the following:
1. For a policy or certificate that has been in force for less than sixmonths, an insurer may rescind a long-term care insurance policy orcertificate or deny an otherwise valid long-term care insurance claim upon ashowing of misrepresentation that is material to the acceptance of coverage.
2. For a policy or certificate that has been in force for at least six monthsbut less than two years, an insurer may rescind a long-term care insurancepolicy or certificate or deny an otherwise valid long-term care insuranceclaim upon a showing of misrepresentation that is both material to theacceptance of coverage and that pertains to the condition for which benefitsare sought.
3. After a policy or certificate has been in force for two years, it is notcontestable upon the grounds of misrepresentation alone, and such policy orcertificate may be contested only upon a showing that the insured knowinglyand intentionally misrepresented relevant facts relating to the insured'shealth.
4. In the event of the death of the insured, this section shall not apply tothe remaining death benefit of a life insurance policy that acceleratesbenefits for long-term care. In such event, the contestability of theremaining death benefits under such a life insurance policy shall be governedby the provisions of § 38.2-3305 or § 38.2-3326. In all other situations,this section shall apply to life insurance policies that accelerate benefitsfor long-term care.
