§ 38.2-5210. Nonforfeiture benefit
A long-term care insurance policy or certificate shall not be delivered or issued for delivery in this Commonwealth unless the policyholder or certificateholder has been offered the option of purchasing a policy including a nonforfeiture benefit, as provided in regulations promulgated by the Commission. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy or certificate. If the policyholder or certificateholder 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.
(2000, c. 559.)
Sections: Previous 38.2-5200 38.2-5201 38.2-5202 38.2-5202.1 38.2-5203 38.2-5204 38.2-5205 38.2-5206 38.2-5207 38.2-5207.1 38.2-5207.2 38.2-5208 38.2-5209 38.2-5210Last modified: April 3, 2009