(a) Except as provided in (b) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this state unless the policyholder has been offered the option of purchasing a policy including a nonforfeiture benefit. The insurer may offer a nonforfeiture benefit in the form of a rider to the policy. If a policyholder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse that is available for a specified period of time following a substantial increase in premium rates.
(b) With respect to group long-term care insurance, an insurer shall make the offer required in (a) of this section to the group policyholder. For a policy issued as group long-term care insurance, other than a continuing care retirement community or other similar entity, the insurer shall make the offer required in (a) of this section to each proposed certificate holder.
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.