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§ 18-108. Summaries of long-term care benefits in life insurance policies

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 18. Long-Term Care Insurance (Refs & Annos)
MD Code, Insurance, § 18-108
§ 18-108. Summaries of long-term care benefits in life insurance policies
In general
(a) If long-term care benefits are part of a life insurance policy or rider, the carrier shall provide a policy summary at the time of policy delivery.
Contents of policy summary
(b) The policy summary required to be delivered under subsection (a) of this section shall include:
(1) information required to be included in an outline of coverage under § 18-106 of this title;
(2) an explanation of how the long-term care benefits interact with other components of the life insurance policy, including deductions from death benefits;
(3) an illustration of the amount of benefits, length of benefit, and guaranteed lifetime benefits if any, for each covered individual;
(4) any exclusions, reductions, or limitations on benefits of long-term care; and
(5) if applicable to the policy type:
(i) a disclosure of the effects of exercising other rights under the policy;
(ii) a disclosure of guarantees related to long-term care costs of insurance charges; and
(iii) current and projected maximum lifetime benefits.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997.
Formerly Art. 48A, §§ 647, 647A.
MD Code, Insurance, § 18-108, MD INSURANCE § 18-108
Current through legislation effective through June 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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