Sec. 14.5. (a) A policy summary shall be delivered, at the time of policy delivery, for an individual life insurance policy that provides long term care benefits within the policy or by a rider.
(b) The insurer shall deliver the policy summary upon the applicant's request when there is a direct response solicitation. If there is no request, the insurer shall deliver the policy summary not later than when the policy is delivered.
(c) The policy summary must include the following:
(1) An explanation of how long a long term care benefit interacts with other components of the policy, including deductions from a death benefit.
(2) An illustration of the amount of a benefit, the length of a benefit, and the guaranteed lifetime benefits for each covered person.
(3) Any exclusion, reduction, and limitation on benefits of long term care.
(d) A policy summary required under this section must also include the following information if applicable:
(1) A disclosure of any effect of exercising rights under the policy other than rights referred to in subsection (c).
(2) A disclosure of any guarantee related to long term care costs of insurance charges.
(3) Current and projected maximum lifetime benefits.
As added by P.L.114-1991, SEC.17.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 12. Long Term Care Insurance
27-8-12-1. "Applicant" Defined
27-8-12-2. "Certificate" Defined
27-8-12-3. "Certificate Holder" Defined
27-8-12-4. "Insurance Policy" Defined
27-8-12-4.5. "Long Term Care Facility" Defined
27-8-12-5. "Long Term Care Insurance Policy" Defined
27-8-12-6. Compliance With Statutory Requirements
27-8-12-7.1. Qualification of Long Term Care Policies; Rules
27-8-12-8. Loss Ratio Standards Rule
27-8-12-9. Termination of Policy on Grounds of Age or Deteriorated Health
27-8-12-10. "Preexisting Condition" Defined; Exclusion of Coverage; Limitations
27-8-12-10.6. Conditions on Eligibility for Benefits; Restrictions
27-8-12-11. Establishment of New Waiting Period
27-8-12-12. No Obligation Return Period; Notice
27-8-12-13. Direct Response Solicitation Issued Policies; No Obligation Return Period; Notice
27-8-12-14. Outline of Coverage; Contents
27-8-12-14.5. Policy Summary; Requirements
27-8-12-15. Group Policy Certificate; Contents
27-8-12-16. Application of General Insurance Law
27-8-12-17. Group Policies Issued in Another State; Requirements