Sec. 3943.
(1) Except as otherwise provided in subsection (2), an applicant for long-term care insurance shall have the right to return the policy within 30 days after its delivery and to have the entire premium refunded if, after examination of the policy, the applicant is not satisfied for any reason and benefits have not been incurred under the policy. Long-term care insurance policies shall have a notice prominently printed on the first page of the policy and the summary of coverage stating in substance that the applicant has the right to return the policy within 30 days after its delivery and to have the entire premium refunded if, after examination of the policy, the applicant is not satisfied for any reason.
(2) A person insured under a long-term care insurance policy issued pursuant to a direct response solicitation shall have the right to return the policy within 30 days after its delivery and to have the entire premium refunded if, after examination, the insured person is not satisfied for any reason. Long-term care insurance policies issued pursuant to a direct response solicitation shall have a notice prominently printed on the first page of the policy and the summary of coverage stating in substance that the insured person shall have the right to return the policy within 30 days after its delivery and to have the entire premium refunded if, after examination, the insured person is not satisfied for any reason. As used in this section, "direct response solicitation" means solicitation in which a representative of the insurer does not contact the applicant in person and explain the coverage available, such as, but not limited to, solicitation through direct mail or through advertisements in periodicals and other media.
History: Add. 1992, Act 84, Imd. Eff. June 2, 1992 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-39 - Chapter 39 Long-Term Care Insurance (500.3901...500.3955)
Section 500.3901 - Long-Term Care Insurance; Definitions.
Section 500.3902 - Offer of Long-Term Care Coverage by Subsidiary of Health Care Corporation.
Section 500.3908 - Long-Term Care Partnership Program Policy; Conversion or Replacement.
Section 500.3911 - Preexisting Condition; Limitation Period; Definition.
Section 500.3913 - Home Health Care Benefits.
Section 500.3915 - Certain Conditions Prohibited.
Section 500.3919 - Institutionalization; Extension of Benefits; Limitations.
Section 500.3929 - Increasing Premiums Prohibited; Conditions.
Section 500.3933 - Summary of Coverage.
Section 500.3935 - Statement Relating to Request for Additional Information.
Section 500.3937 - Shopper's Guide; Format; Providing to Applicants; Exception.
Section 500.3941 - Advertising; Filing Copy With Commissioner.
Section 500.3942a - Reporting Requirements; Agent Activities; Preparation of Report.
Section 500.3943 - Right to Return Policy; Notice; “Direct Response Solicitation” Defined.
Section 500.3945 - Violation; Penalty.
Section 500.3949 - Life and Long-Term Care Benefits; Marketing; Compliance.
Section 500.3953 - Disclosure Statement.
Section 500.3955 - Compliance With Chapter and Applicable Laws.