33-22-1116. Nonforfeiture benefits -- offer requirement.
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/mt/title-33/chapter-22/part-11/33-22-1116·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-22-1116 . Nonforfeiture benefits -- offer requirement.
(1)Except as provided in subsection (3), a long-term care insurance policy may not be delivered or issued for delivery in this state unless the policyholder or certificate holder has been offered the option of purchasing a policy that includes a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy.
(2)If a policyholder or certificate holder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse that must be available for a specified period of time following a substantial increase in premium rates.
(3)When a group long-term care insurance policy is issued, the offer required in subsection
(1)must be made to the group policyholder. However, if the policy is issued as group long-term care insurance as defined in 33-22-1107 (5)(d), other than to a continuing care retirement community or other similar entity, the offer must be made to each proposed certificate holder.