Nevada Administrative Code › Chapter 687B - Contracts of Insurance › CONTRACTS FOR LONG-TERM CARE › Section 687B.100 - Required disclosures

Current through June 11, 2024
1. An individual
			 long-term care insurance contract must contain a provision for renewability
			 unless the long-term care insurance contract provides that the right not to
			 renew is reserved solely to the policyholder. Such a provision must be
			 appropriately captioned, appear on the first page of the long-term care
			 insurance contract, and clearly state the duration, where limited, of
			 renewability and the duration of the term of coverage for which the long-term
			 care insurance contract is issued and for which it may be renewed. If the
			 long-term care insurance contract is not of limited duration, the provision
			 must also clearly state that the coverage is either guaranteed renewable or
			 noncancellable, as appropriate.
2.
			 Except for riders or endorsements by which the insurer effectuates a request
			 made in writing by the insured under an individual long-term care insurance
			 contract, all riders or endorsements added to an individual long-term care
			 insurance contract after the date the long-term care insurance contract is
			 issued or when the long-term care insurance contract is reinstated or renewed
			 which reduce or eliminate benefits or coverage in the long-term care insurance
			 contract must be agreed to in writing and signed by the insured. After the date
			 the long-term care insurance contract is issued, any rider or endorsement which
			 increases benefits or coverage with a concomitant increase in premium during
			 the term of the long-term care insurance contract must be agreed to in writing
			 and signed by the insured, unless the increased benefits or coverage are
			 required by law. Where a separate additional premium is charged for benefits
			 provided in connection with riders or endorsements, the premium charged must be
			 set forth in the long-term care insurance contract, rider or
			 endorsement.
3. A long-term care
			 insurance contract which provides for the payment of benefits based on
			 standards described as "usual and customary," "reasonable and customary" or
			 words of similar import must include a definition and explanation of those
			 terms in its accompanying outline of coverage.
4. If a long-term care insurance contract or
			 certificate contains any limitations with respect to preexisting conditions,
			 the limitations must appear as a separate paragraph of the long-term care
			 insurance contract or certificate and be labeled as "Preexisting Condition
			 Limitations."
5. If a long-term
			 care insurance contract or certificate contains any limitations or conditions
			 with respect to eligibility other than those prohibited pursuant to NAC
			 687B.116, a statement concerning the limitations or conditions must appear as a
			 separate paragraph of the long-term care insurance contract or certificate,
			 must be labeled as "Limitations or Conditions on Eligibility for Benefits" and
			 must include a description of the limitations or conditions, including
			 information regarding any required number of days of confinement.
6. If a policy of life insurance or a rider
			 or endorsement on a policy of life insurance provides accelerated benefits for
			 long-term care, at the time of application for the policy, rider or
			 endorsement, a statement disclosing that receipt of accelerated benefits may be
			 taxable and that assistance should be sought from a personal tax advisor must
			 be prominently displayed on the first page of the policy, rider or endorsement
			 and any other related documents. When a request for payment of accelerated
			 benefits is submitted, a copy of the statement disclosing that receipt of
			 accelerated benefits may be taxable and that assistance should be sought from a
			 personal tax advisor must be provided to the insured. This subsection does not
			 apply to a qualified long-term care insurance contract.
7. If an annuity contract or a rider or
			 endorsement on an annuity contract contains benefits for long-term care
			 insurance, at the time of application for the contract, rider or endorsement, a
			 statement disclosing that receipt of long-term care benefits may be taxable and
			 that assistance should be sought from a personal tax advisor must be
			 prominently displayed on the first page of the contract, rider or endorsement
			 and any other related documents. When a request for payment of long-term care
			 benefits is submitted, a copy of the statement disclosing that receipt of
			 long-term care benefits may be taxable and that assistance should be sought
			 from a personal tax advisor must be provided to the insured. This subsection
			 does not apply to a qualified long-term care insurance contract.
8. An individual long-term care insurance
			 contract, other than one for which the insurer has no right to change the
			 premium, must include a provision stating that premium rates may
			 change.
Added to NAC by Comm'r of
				Insurance, eff. 11-21-88; A 12-15-94; R028-10, 12-16-2010, eff.
				10-1-2011
NRS
				  679B.130,
				  679B.136