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LTC Insurance

TN Accident & Health (Long Term Care Insurance)

TermDefinition
Long-Term Care Producer Training Requirements Must be 1) licensed as an accident and health or sickness producer or as a life producer and 2) complete a one-time long-term care training course of 8 hours. Also 4 hours of LTC training every 24 months. (online or classroom)
Long-Term Care Producer Training Requirements Those who have been licensed continiously since January 1, 1994 are also exempt from the 4 hour ongoing course
3 times the amount of any commissions paid for each policy involved in the violation; or $10,000 (Whichever is greater) A producer who violates any requirement relating to Long-Term Care Insurance is subject to a fine of up to...
Basis For Continuation of Coverage A policy maintains coverage when an insured's coverage terminates, subject only to the continued timely payment of premiums.
Group Long-Term Care Must provide a a basis for continuation or conversion of coverage
Converted Policy A basis of conversion of coverage means that if a person who has been continiously insured under the policy for atleast 6 months loses coverage for any reason (except for nonpayment of premium) Entitled to have issued an individual policy without evidenc
Discontinuance & Replacement If a group long-term care policy is replaced by another group policy issued to the same policyholder, the succeeding insurer must offer coverage to all persons covered under the previous group policy.
30 Days No LTC policy or certificate may lapse without ______ written notice from the insurer.
Renewability Individual Long-Term Care insurance policies must contain a ____________ provision.
Requirement to Offer Inflation Protection Long-Term Care insurers in Tennessee must offer insureds the option to purchase inflation protection that is compounded annually at a minimum of 5 %
Created by: Tiphanie_Dyme
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