Delaware Code Title 18 Sec. 7106 – Nonforfeiture benefit requirement
Current as of: 2023 | Check for updates
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(a) No insurer may issue or deliver a long-term care insurance policy in this State unless the insurer offers to the applicant the option to purchase a policy that provides for nonforfeiture benefits.
Terms Used In Delaware Code Title 18 Sec. 7106
- Applicant: shall mean :
- Commissioner: shall mean the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 7103
- Long-term care insurance: shall mean any insurance policy or rider advertised, marketed, offered or designed to provide coverage for not less than 12 consecutive months for each covered person on an expense incurred, indemnity, prepaid or other basis, for 1 or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance or personal care services, provided in a setting other than an acute care unit of a hospital. See Delaware Code Title 18 Sec. 7103
- Policy: shall mean , for the purposes of this chapter, any policy, contract, subscriber agreement, rider or endorsement delivered or issued for delivery in this State by an insurer; fraternal benefit society; nonprofit health, hospital or medical service corporation; prepaid health plan; health maintenance organization or any similar organization. See Delaware Code Title 18 Sec. 7103
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) The Insurance Commissioner shall promulgate rules and regulations which specify the types of nonforfeiture benefits to be included in the policies and certificates, the standards for the benefits and the date nonforfeiture benefits must commence.