Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 10 - LONG-TERM CARE INSURANCE › Appendix D - Notice to Applicant Regarding Replacement of Health or Long-term Care Insurance

Current through Register Vol. 30, No. 28, July 12, 2024
NOTICE TO APPLICANT REGARDING REPLACEMENT OF HEALTH OR
				  LONG-TERM CARE INSURANCE
[Insurance company's name and address]
SAVE THIS NOTICE! IT MAY BE IMPORTANT TO YOU IN THE
				  FUTURE
According to [your application] [information you have
				  furnished], you intend to lapse or otherwise terminate existing health or
				  long-term care insurance and replace it with the long-term care insurance
				  policy being delivered and issued by [company name] Insurance Company. Your new
				  policy gives you thirty (30) days to decide, without cost, whether you want to
				  keep the policy. For your own information and protection, you should be aware
				  of and seriously consider certain factors which may affect the insurance
				  protection available to you under the new policy.
You should review this new coverage carefully, comparing it
				  with all health or long-term care insurance coverage you now have, and
				  terminate your present policy only if, after due consideration, you find that
				  purchase of this long-term care coverage is a wise decision.
1. Health conditions which you may presently have
				  (preexisting conditions), may not be immediately or fully covered under the new
				  policy. This could result in denial or delay in payment of benefits under the
				  new policy, even though a similar claim might have been payable under your
				  present policy.
2. State law provides that your replacement policy or
				  certificate may not contain new preexisting conditions or probationary periods.
				  The insurer will waive any time periods applicable to preexisting conditions or
				  probationary periods in the new policy (or coverage) for similar benefits to
				  the extent such time was spent (depleted) under the original policy.
3. If you are replacing existing long-term care insurance
				  coverage, you may wish to secure the advice of your present insurer or its
				  insurance producer regarding the proposed replacement of your present policy.
				  This is not only your right, but it is also in your best interest to make sure
				  you understand all the relevant factors involved in replacing your present
				  coverage.
4. [To be included only if the application is attached to the
				  policy.] If, after due consideration, you still wish to terminate your present
				  policy and replace it with new coverage, read the copy of the application
				  attached to your new policy and be sure that all questions are answered fully
				  and correctly, Omissions or misstatements in the application could cause an
				  otherwise valid claim to be denied. Carefully check the application and write
				  to [company name and address] within thirty (30) days if any information is not
				  correct and complete, or if any past medical history has been left out of the
				  application.