20-1691.11. Nonforfeiture benefits
A. Except as provided in subsection B of this section, a person shall not deliver or issue for delivery in this state a long-term care insurance policy unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate with a nonforfeiture benefit. The offer of the nonforfeiture benefit may be in the form of a rider that is attached to the policy. If the policyholder or certificate holder declines the benefit, the insurer shall provide a contingent benefit on lapse that shall be available for a specified period of time following a substantial increase in premium rates.
B. If a group long-term care insurance policy is issued, a person shall make the offer of the nonforfeiture benefit to the group policyholder, except that if the policy is issued to a group as defined in section 20-1691, paragraph 5, subdivision (d), other than to a continuing care retirement community or other similar entity, a person shall make the offering to each proposed certificate holder.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
