(a) In addition to the requirements of AS 21.45, at the time of policy delivery, a policy summary shall be included with an individual life insurance policy if the policy or policy rider provides long-term care benefits. In the case of direct response solicitations, the insurer shall deliver the policy summary upon the applicant's request but, regardless of request, shall deliver a policy summary not later than the time of policy delivery. The summary must include
(1) an explanation of how the long-term care benefits interact with other components of the policy, including deductions from death benefits;
(2) an illustration of the amount and length of benefits, and guaranteed lifetime benefits, if any, for each covered person;
(3) an explanation of each exclusion, reduction, and limitation on long-term care benefits;
(4) if applicable to the policy type,
(A) disclosure of the effects of exercising other rights under the policy;
(B) disclosure of guarantees related to the long-term care costs of insurance charges; and
(C) current and projected maximum lifetime benefits; and
(5) if the director adopts a regulation that permits but does not require inflation protection, and the policy does not provide for inflation protection, a statement that inflation protection is not available under the policy.
(b) If a long-term care benefit is paid under a life insurance policy by the acceleration of the policy death benefit, and is in benefit payment status, a monthly report shall be provided to the policyholder. The report must include
(1) long-term care benefits paid out during the month;
(2) an explanation of changes in the policy, including changes in death benefits or cash values, due to long-term care benefits being paid out; and
(3) the amount of long-term care benefits remaining.
(c) If a claim under a long-term care insurance policy is denied by an insurer, the insurer shall, within 60 days after the date of a written request by a policyholder or a representative of a policyholder,
(1) provide a written explanation of the reasons for the denial; and
(2) make available all information directly related to the denial.
Structure Alaska Statutes
Chapter 53. Long-term Care Insurance
Sec. 21.53.010. Prohibited sale or advertising.
Sec. 21.53.020. Disclosure and performance standards.
Sec. 21.53.030. Preexisting conditions.
Sec. 21.53.040. Prior hospital or institutional care conditions prohibited.
Sec. 21.53.050. Right of return; outline of coverage; delivery.
Sec. 21.53.060. Long-term care benefits under life insurance policies; denial of claims.
Sec. 21.53.062. Incontestability period.
Sec. 21.53.064. Nonforfeiture benefits.
Sec. 21.53.066. Producer training requirements.
Sec. 21.53.068. Limitations related to producers and third-party administrators.
Sec. 21.53.070. Group long-term care insurance.
Sec. 21.53.080. Organizational requirements of associations.