632.825 Midterm termination of long-term care insurance policy by insured. - Wisconsin Statutes

632.825

632.825 Midterm termination of long-term care insurance policy by insured.

632.825(1)

(1) Permitted cancellation and refund.

632.825(1)(a)

(a) No insurer that provides coverage under a long-term care insurance policy may prohibit the insured under the policy from canceling the policy before the expiration of the agreed term.

632.825(1)(b)

(b) If an insured under a long-term care insurance policy cancels the policy before the expiration of the agreed term, the insurer shall issue a prorated premium refund to the insured.

632.825(1)(c)

(c) If an insured under a long-term care insurance policy dies during the term of the policy, the insurer shall issue a prorated premium refund to the insured's estate.

632.825(2)

(2) Policy provision. Every long-term care insurance policy shall contain a provision that apprises the insured of the insured's right to cancel and the insurer's premium refund responsibilities under sub. (1).

632.825 - ANNOT.

History: 1993 a. 207.

632.825 - ANNOT.

Cross Reference: See also ss. Ins 3.455 and 3.46, Wis. adm. code.