Rule 20:06:21:0C Replacement of Accident and Sickness or Long-Term Care Coverage.
DEPARTMENT OF REVENUE AND REGULATION
OF LABOR AND REGULATION
OF ACCIDENT AND SICKNESS
LONG-TERM CARE COVERAGE
Source: 22 SDR 97, effective December 18, 1995.
TO APPLICANT REGARDING REPLACEMENT OF
AND SICKNESS OR LONG-TERM CARE INSURANCE
Company's Name and Address)
SAVE THIS NOTICE! IT MAY BE IMPORTANT TO YOU IN THE FUTURE.
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 the long-term care insurance policy delivered herewith
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 protection, you should be aware of and
seriously consider certain factors which may affect the insurance protection available
to you under the new policy.
should review this new coverage carefully, comparing it with all accident and
sickness 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.
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.
law provides that your replacement policy or certificate may not contain new
preexisting 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.
you are replacing existing long-term care insurance coverage, 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.
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.
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