Ga. Comp. R. & Regs. R. 120-2-16-.27 - Right to Reduce Coverage and Lower Premiums
(1)
(a)
Every long-term care insurance policy and certificate shall include a provision
that allows the policyholder or certificateholder to reduce coverage and lower
the policy or certificate premium in at least one of the following ways:
(i) Reducing the maximum benefit;
or
(ii) Reducing the daily, weekly
or monthly benefit amount.
(b) The insurer may also offer other
reduction options that are consistent with the policy or certificate design or
the carrier's administrative processes.
(2) The provision shall include a description
of the ways in which coverage may be reduced and the process for requesting and
implementing a reduction in coverage.
(3) The age to determine the premium for the
reduced coverage shall be based on the age used to determine the premiums for
the coverage currently in force.
(4) The insurer may limit any reduction in
coverage to plans or options available for that policy form and to those for
which benefits will be available after consideration of claims paid or
payable.
(5) If a policy or
certificate is about to lapse, the insurer shall provide a written reminder to
the policyholder or certificateholder of his or her right to reduce coverage
and premiums in the notice required by Section
120-2-16-.07(1)(c)
of this regulation.
(6) This
section does not apply to life insurance policies or riders containing
accelerated long-term care benefits.
(7) The requirements of this section shall
apply to any long-term care policy issued in this state on or after April 1,
2009.
Notes
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