§ 27-8-12-5 — "Long term care insurance policy" defined

(a) As used in this chapter, "long term care
insurance policy" means an insurance policy providing coverage for at
least twelve (12) consecutive months for each covered person on an
expense incurred, indemnity, prepaid, or other basis for one (1) or more
necessary diagnostic, preventive, therapeutic, rehabilitative,
maintenance, or personal care services provided in a setting other than
an acute care wing of a hospital.
(b) The term includes the following:
(1) A policy advertised, marketed, or offered as long term care
insurance.
(2) A group or individual annuity, a life insurance policy, or riders
that provide directly or supplement long term care insurance.
(3) A policy or rider that provides for payment of benefits based
upon cognitive impairment or the loss of functional capacity.
(c) The term does not include the following:
(1) An insurance policy that is offered primarily to provide basic
hospital expense coverage, basic medical-surgical expense
coverage, hospital confinement indemnity coverage, major
medical expense coverage, disability income protection coverage,
accident only coverage, specified disease or specified accident
coverage, comprehensive coverage, catastrophic coverage, or
limited benefit health coverage.
(2) A life insurance policy that accelerates the death benefit
specifically for terminal illness, a medical condition requiring
extraordinary medical intervention, or a permanent institutional
confinement, and that provides the option of a lump sum payment
for those benefits and in which neither the benefits nor the
eligibility for the benefits is conditioned upon the receipt of long
term care.
(3) An insurance policy that is offered primarily to provide basic
Medicare supplemental coverage (as defined under IC 27-8-13).

Legislative History

As added by P.L.275-1987, SEC.1. Amended by P.L.114-1991, SEC.9.