NAIC Long-Term Care Insurance Model Act (#640)

What this document is

NAIC Long-Term Care Insurance Model Act (#640) is a naic model law published by National Association of Insurance Commissioners (NAIC). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• NAIC Model NAIC 640: Section 5 (Extraterritorial Jurisdiction)

  “No group long-term care insurance coverage may be offered to a resident of this state under a group policy issued in another state to a group described in Section 4E(4), unless this state or another state having statutory and regulatory long-term care insurance requirements substantially similar to...”

• NAIC Model NAIC 640: Section 4A (Definition of Long-Term Care Insurance)

  “for one or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance or personal care services, provided in a setting other than an acute care unit of a hospital.”

• NAIC Model NAIC 640: Section 7B (Incontestability Period)

  “For a policy or certificate that has been in force for at least six (6) months but less than two (2) years an insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim upon a showing of misrepresentation that is both material to...”

• NAIC Long-Term Care Insurance Model Act (#640), Section 4G(2) (life insurance contract providing long-term care coverage)

  “(2) “Qualified long-term care insurance contract” or “federally tax-qualified long term care insurance contract” also means the portion of a life insurance contract that provides long-term care insurance coverage by rider or as part of the contract and that satisfies the requirements of Sections...”

• NAIC Long-Term Care Insurance Model Act (#640), Section 6F(1) (right to return the policy)

  “F. (1) Long-term care insurance applicants shall have the right to return the policy, certificate or rider to the company or an agent/insurance producer of the company within thirty (30) days of its receipt and to have the premium refunded if, after examination of the policy, certificate or rider,...”

• NAIC Long-Term Care Insurance Model Act (#640), Section 6J (policy summary for a life insurance or annuity policy providing long-term care benefits)

  “J. At the time of policy delivery, a policy summary shall be delivered for an individual life insurance or annuity policy that 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...”

• NAIC Long-Term Care Insurance Model Act (#640), Section 6K (reporting while an accelerated long-term care benefit is in payment status)

  “K. 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. The report shall include: (1) Any long-term care benefits paid out during the month; (2) Any...”

Practice this material

Questions about this source

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