Mississippi Administrative Code › Title 19 - Department of Insurance › Part 3 - Accident and Health › Chapter 8 - (90-102) Long-Term Care Insurance Regulation › Rule 19-3-8.12 - Requirements for Replacement

Current through June 25, 2024
A. Question
				Concerning Replacement. Individual and direct response solicited long-term care
				insurance application forms shall include a question designed to elicit
				information as to whether the proposed insurance policy is intended to replace
				any other accident and sickness or long-term care insurance policy presently in
				force. A supplementary application or other form to be signed by the applicant
				containing such a question may be used.
B. Solicitations Other than Direct Response.
				Upon determining that a sale will involve replacement, an insurer; other than
				an insurer using direct response solicitation methods, or its agent; shall
				furnish the applicant, prior to issuance or delivery of the individual
				long-term care insurance policy, a notice regarding replacement of accident and
				sickness or long-term care coverage. One copy of such notice shall be retained
				by the applicant and an additional copy signed by the applicant shall be
				retained by the insurer. The required notice shall be provided in the following
				manner:
NOTICE TO APPLICANT REGARDING REPLACEMENT OF INDIVIDUAL
				  ACCIDENT AND SICKNESS OR LONG-TERM CARE
INSURANCE
According to (your application) (information you have
				  furnished), you intend to lapse or otherwise terminate existing accident and
				  sickness or long-term care insurance and replace it with an individual
				  long-term care insurance policy to be issued by (company name) Insurance
				  Company. Your new policy provides thirty (30) days within which you may decide,
				  without cost, whether you desire to keep the policy. For your own information
				  and protections, you should be aware of and seriously consider certain factors
				  which may affect the insurance protection available to you under the new
				  policy.
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, whereas a similar claim might have been
				payable under your present policy.
2. You may wish to secure the advice of your
				present insurer or its agent 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.
3. If, after due
				consideration, you still wish to terminate your present policy and replace it
				with new coverage, be certain to truthfully and completely answer all questions
				on the application concerning your medical health history. Failure to include
				all material medical information on an application may provide a basis for the
				company to deny any future claims and to refund your premium as though your
				policy had never been in force. After the application has been completed and
				before you sign it, reread it carefully to be certain that all information has
				been properly recorded.
The above "Notice to Applicant" was delivered to me
				  on:
____________________________________
(date)
___________________________________
(Applicant's Signature)