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- Alaska Statutes.
- Title 21. Insurance
- Chapter 53. Long-Term Care Insurance
- Section 60. Long-Term Care Benefits Under Life Insurance Policies.
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. Group Long-Term Care Insurance.
AS 21.53.060. Long-Term Care Benefits Under Life Insurance Policies.
- (a) In addition to the requirements of AS 21.45, at the time of
policy delivery, a policy summary shall be included with an individual life insurance policy if the policy or policy
rider provides long-term care benefits. In the case of direct response solicitations, the insurer shall deliver the
policy summary upon the applicant's request, but regardless of request shall deliver a policy summary not later than
the time of policy delivery. The summary must include
- (1) an explanation of how the long-term care benefits interact with other components of the policy, including deductions
from death benefits;
- (2) an illustration of the amount and length of benefits, and guaranteed lifetime benefits, if any, for each covered
- (3) an explanation of each exclusion, reduction, and limitation on long-term care benefits; and
- (4) if applicable to the policy type,
- (A) disclosure of the effects of exercising other rights under the policy;
- (B) disclosure of guarantees related to the long-term care costs of insurance charges; and
- (C) current and projected maximum lifetime benefits.
- (b) If a long-term care benefit is paid under a life insurance policy by the acceleration of the policy death benefit, and
is in benefit payment status, a monthly report shall be provided to the policyholder. The report must include
- (1) long-term care benefits paid out during the month;
- (2) an explanation of changes in the policy, including changes in death benefits or cash values, due to long-term care
benefits being paid out; and
- (3) the amount of long-term care benefits remaining.
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