§ 10-7-113 — Acceleration of benefits

(1) Any policy of life or endowment
insurance or annuity contract or contract supplemental thereto may contain
benefits providing for the acceleration of life or endowment or annuity benefits in
advance of the time they would otherwise be payable for an insured:

(a) Who is diagnosed with a terminal case of AIDS, as defined in section 10-3-1104.5 (2)(a), or with any other terminal illness, for health-care expenses or for long-term care which is certified or ordered by a physician; or

(b) Upon the occurrence of a qualifying event, as defined by the policy or
contract.

(2) For the purposes of this section, long-term care shall include but need
not be limited to hospice care, adult day care, professional nursing care, medical
care expenses, custodial nursing care, and nonnursing custodial care provided in a
nursing home or at a residence of the insured.

(3) The commissioner may request filing, for information purposes, the
premium rates or discount rates applied to an acceleration of life insurance or
endowment or annuity benefits in advance of the time they would otherwise be
payable for an insured.

Legislative History

Source: L. 89: Entire section added, p. 449, � 5, effective April 15. L. 90: Entire section amended, p. 621, � 1, effective March 22.