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Current as of January 01, 2024 | Updated by FindLaw Staff
a. Except as provided in subsection b. of this section, a long-term care insurance policy shall not be delivered or issued for delivery in this State unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate including a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy. If the policyholder or certificate holder declines the nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse that shall be available for a specified period of time following a substantial increase in premium rates.
b. When a group long-term care insurance policy is issued, the offer required in subsection a. of this section shall be made to the group policyholder.
Cite this article: FindLaw.com - New Jersey Statutes Title 17B. Insurance 17B § 27E-8 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17b-insurance/nj-st-sect-17b-27e-8/
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