Revised Code of Washington - RCW Title 48 Insurance - Section 48.83.120 Nonforfeiture benefit option -- Offer required -- Rules

§ 48.83.120. Nonforfeiture benefit option -- Offer required -- Rules

(1) Except as provided by this section, 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 or certificate 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. If a policyholder or certificate holder declines the nonforfeiture benefit, the issuer must provide a contingent benefit upon lapse that is available for a specified period of time following a substantial increase in premium rates.

(2) If a group long-term care insurance policy is issued, the offer required in subsection (1) of this section must be made to the group policyholder. However, if the policy is issued as group long-term care insurance as defined in RCW 48.83.020(6)(d) other than to a continuing care retirement community or other similar entity, the offering shall be made to each proposed certificate holder.

(3) The commissioner must adopt rules specifying the type or types of nonforfeiture benefits to be offered as part of long-term care insurance policies and certificates, the standards for nonforfeiture benefits, and the rules regarding contingent benefit upon lapse, including a determination of the specified period of time during which a contingent benefit upon lapse will be available and the substantial premium rate increase that triggers a contingent benefit upon lapse.

[2008 c 145 § 13.]

Sections:  Previous  48.83.050  48.83.060  48.83.070  48.83.080  48.83.090  48.83.100  48.83.110  48.83.120  48.83.130  48.83.140  48.83.150  48.83.160  48.83.170  48.83.900  48.83.901  Next

Last modified: April 7, 2009