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(215 ILCS 5/351A-8) (from Ch. 73, par. 963A-8)
Sec. 351A-8.
Outline of coverage.
(a) An outline of coverage shall be delivered to a prospective applicant
for long-term care insurance at the time of initial solicitation through
means which prominently direct the attention of the recipient to the
document and its purpose.
(1) The Director shall prescribe a standard format |
| including style, arrangement and overall appearance and the content of an outline of coverage.
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(2) In the case of agent solicitations, an agent must
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| deliver the outline of coverage prior to the presentation of an application or enrollment form.
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(3) In the case of direct response solicitations, the
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| outline of coverage must be presented in conjunction with any application or enrollment form.
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(b) The outline of coverage shall include:
(1) A description of the principal benefits and
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| coverage provided in the policy.
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(2) A statement of the principal exclusions,
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| reductions and limitations contained in the policy.
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(3) A statement of the terms under which the policy
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| or certificate, or both, may be continued in force or discontinued, including any reservation in the policy of a right to change premium. Continuation or conversion provisions of group coverage shall be specifically described.
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(4) A statement that the outline of coverage is a
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| summary only, not a contract of insurance, and that the policy or group master policy contain governing contractual provisions.
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(5) A description of the terms under which the policy
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| or certificate may be returned and premium refunded.
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(6) A brief description of the relationship of cost
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(7) A statement that discloses to the policyholder or
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| certificate holder whether the policy is intended to be a federally tax-qualified long-term care insurance contract under 7702B(b) of the Internal Revenue Code of 1986, as amended.
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(Source: P.A. 92-148, eff. 7-24-01.)
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