38.2-5210 - Nonforfeiture benefit. - Virginia Statutes

§ 38.2-5210. Nonforfeiture benefit.

A long-term care insurance policy or certificate shall not be delivered orissued for delivery in this Commonwealth unless the policyholder orcertificateholder has been offered the option of purchasing a policyincluding a nonforfeiture benefit, as provided in regulations promulgated bythe Commission. The offer of a nonforfeiture benefit may be in the form of arider that is attached to the policy or certificate. If the policyholder orcertificateholder declines the nonforfeiture benefit, the insurer shallprovide a contingent benefit upon lapse that shall be available for aspecified period of time following a substantial increase in premium rates.

(2000, c. 559.)