Rule 20:06:21:0G Response Letter.
DEPARTMENT OF REVENUE AND REGULATION
OF LABOR AND REGULATION
CARE INSURANCE SUITABILITY LETTER
Source: 28 SDR 157, effective May 19, 2002.
Insurance Suitability Letter
recent application for long-term care insurance included a "personal
worksheet," which asked questions about your finances and your reasons for
buying long-term care insurance. For your protection, state law requires us to
consider this information when we review your application, to avoid selling a
policy to those who may not need coverage.
answers indicate that long-term care insurance may not meet your financial
needs. We suggest that you review the information provided along with your
application, including the booklet "Shopper's Guide to Long-Term Care
Insurance" and the page titled "Things You Should Know Before Buying
Long-Term Care Insurance." Your state insurance department also has
information about long-term care insurance and may be able to refer you to a
counselor free of charge who can help you decide whether to buy this policy.]
chose not to provide any financial information for us to review.]
have suspended our final review of your application. If, after careful
consideration, you still believe this policy is what you want, check the
appropriate box below and return this letter to us within the next 60 days. We
will then continue reviewing your application and issue a policy if you meet
our medical standards.
we do not hear from you within the next 60 days, we will close your file and
not issue you a policy. You should understand that you will not have any
coverage until we hear back from you, approve your application, and issue you a
Please check one box and return in the enclosed envelope.
□ Yes, [although my worksheet indicates that
long-term care insurance may not be a suitable purchase,] I wish to purchase
this coverage. Please resume review of my application.
□ No. I have decided not to buy a policy at
Please return to [issuer] at [address] by [date].
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