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.

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Terms Used In Indiana Code 27-8-12-14.5

  • applicant: means :

    Indiana Code 27-8-12-1

  • insurance policy: means any policy, contract, subscriber agreement, rider, or endorsement delivered or issued for delivery in Indiana by an insurer, a fraternal benefit society, a nonprofit corporation, a health maintenance organization (as defined in IC 27-13-1-19), a limited service health maintenance organization (as defined in IC 27-13-34-4), a preferred provider arrangement, or any other organization. See Indiana Code 27-8-12-4
     (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.

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