Vermont Statutes Title 8 Sec. 8092
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 8 Sec. 8092
- Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
- Policy: means 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
§ 8092. Acceleration of life insurance death benefit; monthly report
Anytime a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report shall be provided to the policyholder. The report shall include:
(1) any long-term care benefits paid out during the month;
(2) an explanation of any changes in the policy, such as death benefits or cash values, due to long-term care benefits being paid out; and
(3) the amount of long-term care benefits existing or remaining. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)