California Insurance Code 10295.12 – (a) Insurers shall ensure that agents offering, marketing, or …
(a) Insurers shall ensure that agents offering, marketing, or selling accelerated death benefits on their behalf are able to describe the differences between benefits provided under an accelerated death benefit and benefits provided under long-term care insurance, as follows:
(1) The difference between the benefits afforded to an insured through an accelerated death benefit and a long-term care insurance policy or rider.
Terms Used In California Insurance Code 10295.12
- insured: as used in this chapter , shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits and rights provided therein. See California Insurance Code 10325
(2) The differences between benefit eligibility criteria.
(3) Whether an elimination period applies to either an accelerated death benefit or long-term care insurance and a description of the elimination period.
(4) The benefits under the accelerated death benefit or long-term care insurance if benefits are never needed.
(5) The benefits under the accelerated death benefit or long-term insurance if benefits are needed.
(6) Restrictions on benefit amounts.
(7) Tax treatment of benefits.
(8) Income and death benefit considerations.
(b) Completion of California agent education or continuing education for long-term care insurance shall meet the requirements of this section.
(Added by Stats. 2013, Ch. 345, Sec. 7. (SB 281) Effective January 1, 2014.)