17B:27E-8. Conditions for delivery, issuance of policy
131 words·~1 min read·
/nj/title-17b/chapter-27e/17b-27e-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
8. a. Except as provided in subsection b. of this section, a long-term care insurance policy shall 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 or certificate including a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy. If the policyholder or certificate holder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse that shall be available for a specified period of time following a substantial increase in premium rates.
b. When a group long-term care insurance policy is issued, the offer required in subsection a. of this section shall be made to the group policyholder.
L.2003,c.207,s.8.