A long-term care insurance applicant has the right to return the policy or certificate within thirty days after its delivery and to have the premium refunded if, after examination of the policy or certificate, other than a certificate issued pursuant to a policy issued to a group defined in section 10-19-103 (4)(a), the applicant is not satisfied for any reason. A long-term care insurance policy or certificate shall contain a notice, prominently printed on the first page or attached thereto, stating in substance that the applicant has the right to return the policy or certificate within thirty days after its delivery and to have the premium refunded if, after examination of the policy or certificate, other than a certificate issued pursuant to a policy issued to a group defined in section 10-19-103 (4)(a), the applicant is not satisfied for any reason. This section shall also apply to a denial of application. Any refund shall be made within thirty days after the return or denial.
Source: L. 90: Entire article R&RE, p. 647, § 1, effective July 1. L. 2007: Entire section amended, p. 199, § 6, effective January 1, 2008.
Structure Colorado Code
Article 19 - Long-Term Care Insurance
§ 10-19-102. Legislative Declaration
§ 10-19-104. Scope and Applicability of Article
§ 10-19-105. Extraterritorial Jurisdiction - Group Long-Term Care Insurance
§ 10-19-106. Rules on Disclosure
§ 10-19-107. Performance Standards
§ 10-19-108. Requirements for Preexisting Conditions
§ 10-19-109. Requirements for Prior Hospitalization or Institutionalization
§ 10-19-110. Loss Ratio Standards
§ 10-19-111. Right to Return Policy - Free Look
§ 10-19-112. Outline of Coverage - Certificate
§ 10-19-113. Option for Inflation Adjustment - Renewability
§ 10-19-113.3. Incontestability Period
§ 10-19-113.4. Nonforfeiture Benefits - Rules