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§ 18-108. Summaries of long-term care benefits in life insurance policies

MD Ins Code § 18-108 (2019) (N/A)
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(a)    If long-term care benefits are part of a life insurance policy or rider, the carrier shall provide a policy summary at the time of policy delivery.

(b)    The policy summary required to be delivered under subsection (a) of this section shall include:

(1)    information required to be included in an outline of coverage under § 18-106 of this title;

(2)    an explanation of how the long-term care benefits interact with other components of the life insurance policy, including deductions from death benefits;

(3)    an illustration of the amount of benefits, length of benefit, and guaranteed lifetime benefits if any, for each covered individual;

(4)    any exclusions, reductions, or limitations on benefits of long-term care; and

(5)    if applicable to the policy type:

(i)    a disclosure of the effects of exercising other rights under the policy;

(ii)    a disclosure of guarantees related to long-term care costs of insurance charges; and

(iii)    current and projected maximum lifetime benefits.

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