A long-term care insurance policy or certificate shall not be delivered or issued for delivery in this Commonwealth unless the policyholder or certificateholder has been offered the option of purchasing a policy including a nonforfeiture benefit, as provided in regulations promulgated by the Commission. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy or certificate. If the policyholder or certificateholder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse that shall be available for a specified period of time following a substantial increase in premium rates.
2000, c. 559.
Structure Code of Virginia
Chapter 52 - Long-Term Care Insurance
§ 38.2-5201. What laws applicable
§ 38.2-5202. Promulgation of regulations; standards for policy provisions
§ 38.2-5202.1. Refund of premium for cancellation or termination of policy
§ 38.2-5203. Prohibited provisions
§ 38.2-5204. Preexisting conditions
§ 38.2-5205. Prior institutionalization
§ 38.2-5207.1. Disclosure; life insurance policies
§ 38.2-5207.2. Long-term care benefits; monthly report