Md. Code Regs. 31.14.01.08

Current through Register Vol. 51, No. 22, November 1, 2024

Section 31.14.01.08 - Applicant's Options

A. Except as provided in §§B and C of this regulation, the application for a long-term care insurance policy or certificate, or a form attached to the policy or certificate, shall contain a statement to be signed separately by the applicant to the effect that the:

(1) Applicant has been informed of the applicant's right to:

(a) Designate a person to receive any notice of termination;

(b) Purchase:

(i) Inflation protection,

(ii) Home health care if not included in the policy, and

(iii) Nonforfeiture benefits; and

(c) Choose the form of nonforfeiture benefit if the policy provides a choice; and

(2) Benefits and any costs of each of the options in this regulation have been fully explained to the applicant.

B. The statement of the applicant's right to purchase inflation protection specified in §A(1)(b)(i) of this regulation is not required when the policy is issued to an employer-employee group described in Regulation .12D of this chapter.

C. The statement of the applicant's right to purchase nonforfeiture benefits specified in §A(1)(b)(iii) of this regulation is not required when the policy is issued to a group described in Regulation .13B(1)(b) or (c) of this chapter.

Md. Code Regs. 31.14.01.08