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(215 ILCS 5/351A-9.1) (from Ch. 73, par. 963A-9.1)
Sec. 351A-9.1.
Policy summary and benefit reports.
(a) At the time of policy delivery, a policy summary shall be delivered
for an individual life insurance policy which provides long-term care
benefits within the policy or by rider. In the case of direct response
solicitations, the insurer shall deliver the policy summary upon the
applicant's request, but regardless of request shall make such delivery no
later than at the time of policy 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 other components of the policy, including deductions from death benefits;
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(2) an illustration of the amount of benefits, the
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| length of benefit, and the guaranteed lifetime benefits if any, for each covered person;
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(3) any exclusions, reductions and limitations on
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| benefits of long-term care; and
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(4) if applicable to the policy type, the summary
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(A) disclosure of the effects of exercising other
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(B) disclosure of guarantees related to long-term
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| care costs of insurance charges; and
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(C) current and projected maximum lifetime
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(b) Any time a long-term care benefit, funded through a life insurance
vehicle by the acceleration of the death benefit, is in benefit payment
status, a monthly report shall be provided to the policyholder. Such
report shall include:
(1) any long-term care benefits paid during the month;
(2) an explanation of any changes in the policy,
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| including changes in death benefits or cash values, due to long-term care benefits being paid out; and
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(3) the amount of long-term care benefits existing or
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(Source: P.A. 86-384.)
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