33-20-127. Life insurance policy with long-term care provision or accelerated benefits provision -- summary required.
33-20-127. Life insurance policy with long-term care provision or accelerated benefits provision -- summary required. At the time of policy delivery, a summary must be delivered to the insured for an individual life insurance policy that provides accelerated benefits within the policy or by rider. An individual life insurance policy that provides long-term care benefits must provide a summary as described in 33-22-1123. In the case of direct response solicitations, the insurer shall deliver the summary upon the applicant's request but not later than the time of policy delivery. In addition to complying with all applicable requirements, the summary must also include:
(1) an explanation of how the long-term care benefits or accelerated benefits interact with other components of the policy, including deductions from death benefits;
(2) an illustration of the amount of benefits, the length of benefits, and the guaranteed lifetime benefits, if any, for each covered person;
(3) any exclusions, reductions, and limitations of long-term care benefits and accelerated benefits; and
(4) if applicable to the policy type:
(a) a disclosure of the effects of exercising other rights under the policy;
(b) a disclosure of guaranties related to long-term care costs of insurance charges; and
(c) current and projected maximum lifetime benefits.
History: En. Sec. 3, Ch. 152, L. 1991; amd. Sec. 24, Ch. 451, L. 1993; amd. Sec. 1, Ch. 32, L. 2007.