Illinois Compiled Statutes 215 ILCS 5/351A-9.1 – Policy summary and benefit reports
Current as of: 2024 | Check for updates
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(a) At the time of policy delivery, a policy summary shall be delivered for an individual life insurance policy which provides long-term care benefits within the policy or by rider. In the case of direct response solicitations, the insurer shall deliver the policy summary upon the applicant’s request, but regardless of request shall make such delivery no later than at the time of policy delivery. In addition to complying with all applicable requirements, the summary shall also include:
(1) an explanation of how the long-term care benefit
(1) an explanation of how the long-term care benefit
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interacts with other components of the policy, including deductions from death benefits;
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(2) an illustration of the amount of benefits, the
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length of benefit, and the guaranteed lifetime benefits if any, for each covered person;
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(3) any exclusions, reductions and limitations on
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benefits of long-term care; and
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(4) if applicable to the policy type, the summary
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shall also include:
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(A) disclosure of the effects of exercising other
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rights under the policy;
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(B) disclosure of guarantees related to long-term
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care costs of insurance charges; and
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(C) current and projected maximum lifetime
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benefits.
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(b) Any time a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report shall be provided to the policyholder. Such report shall include:
(1) any long-term care benefits paid during the month;
(2) an explanation of any changes in the policy,
Terms Used In Illinois Compiled Statutes 215 ILCS 5/351A-9.1
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
(1) any long-term care benefits paid during the month;
(2) an explanation of any changes in the policy,
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including changes in death benefits or cash values, due to long-term care benefits being paid out; and
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(3) the amount of long-term care benefits existing or
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remaining.
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