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.

     (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.

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
     (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.