a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
Long-term care insurance: includes :
(i)
any of the following that provide directly or supplement long-term care insurance:
(A)
a group or individual annuity or rider; or
(B)
a life insurance policy or rider;
(ii)
a policy or rider that provides for payment of benefits on the basis of:
for any benefits on a prior hospitalization requirement;
(b)
for benefits provided in an institutional care setting on the receipt of a higher level of institutional care; or
(c)
for any benefits on a prior institutionalization requirement except for eligibility for:
(i)
waiver of premium;
(ii)
post confinement;
(iii)
post-acute care; or
(iv)
recuperative benefits.
(2)
A long-term care insurance policy containing post confinement, post-acute care, or recuperative benefits shall clearly label the limitations or conditions, including any required number of days of confinement in a separate paragraph of the policy or certificate that is entitled “Limitations or Conditions on Eligibility for Benefits.”
(3)
A long-term care insurance policy or rider that conditions eligibility of noninstitutional benefits on the prior receipt of institutional care may not require a prior institutional stay of more than 30 days.
