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Texas Long-Term Care Insurance Replacement and Lapse Reporting Form

State:
Texas
Control #:
TX-LHL562
Format:
PDF
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Long-Term Care Insurance Replacement and Lapse Reporting Form

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FAQ

Once your policy has been in effect for more than two years, the company must pay the death benefit regardless of the cause of death.

Typically, the provision states that if an insured is suffering from a functional or cognitive impairment that would otherwise qualify them for benefits under their policy then they may be able to have their policy reinstated. Most policies dictate the timeframe in which an insured must seek reinstatement.

Which of the following provisions must be included in a long-term insurance policy? The Health Insurance Portability and Accountability Act (HIPAA) mandated that all long-term care policies must be guaranteed renewable.

Renewability: Every individual long-term care policy must be guaranteed renewable. Guaranteed Renewable means that the insurer may not cancel your coverage unless you do not pay premiums on time.

Which of the following statements regarding the required provisions in a long-term care policy is NOT true? Long-term insurance policies do not require prior hospitalization as a condition to pay benefits.

If there are any limitations in the policy with respect to pre-existing conditions these limitations must appear in a separate paragraph in the policy labeled "Pre-existing Condition Limitations." A long-term care policy cannot deny a claim for losses incurred more than 6 months from the effective date of coverage

Every individual long-term care policy must be guaranteed renewable. Guaranteed Renewable means that the insurer may not cancel your coverage unless you do not pay premiums on time.

Pay part of the policy death benefit insureds in order to help fund LTC or nursing home care. Which renewal provision(s) must be included in a LTC policy issued to the individual? noncancelable and guaranteed renewable.

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Texas Long-Term Care Insurance Replacement and Lapse Reporting Form