38.2-5207.1 - Disclosure; life insurance policies. - Virginia Statutes

§ 38.2-5207.1. Disclosure; life insurance policies.

Whenever an individual life insurance policy which provides long-term carebenefits within the policy or by rider is delivered, it shall be accompaniedby a policy summary. In the case of direct response solicitations, theinsurer shall deliver the policy summary upon the applicant's request, butregardless of request shall make such delivery no later than at the time ofpolicy delivery. In addition to complying with all applicable requirements,the summary shall also include:

1. An explanation of how the long-term care benefit interacts with othercomponents of the policy, including deductions from death benefits;

2. An illustration of the amount of benefits, the length of benefit, and theguaranteed lifetime benefits, if any, for each covered person; and

3. Any exclusions, reductions, and limitations on benefits of long-term care.

If applicable to the policy type, the summary shall also include (i) adisclosure of the effects of exercising other rights under the policy, (ii) adisclosure of guarantees related to long-term care costs of insurancecharges, and (iii) current and projected maximum lifetime benefits.

(1990, c. 285.)