Utah Statutes
§ 31A-22-2005 — Nonforfeiture benefits.
Utah·Title 31A Insurance Code·Ch. 31A-22 Contracts in Specific Lines·Part 31A-22-20 Limited Long-term Care Insurance Act
(1)(1)(a) A limited long-term care insurance policy may offer the option of purchasing a policy or certificate including a nonforfeiture benefit.
(1)(b) The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy.
(1)(c) In the event the policy holder or certificate holder does not purchase a 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.
(2)If an insurer issues a group limited long-term care insurance policy, the insurer shall:
(2)(a) make any offer of a nonforfeiture benefit to the group policyholder; and
(2)(b) make any offer to each proposed certificate holder.
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Legislative History
Enacted by Chapter 32, 2020 General Session
Nearby Sections
15
§ 31A-1-101
Short title.§ 31A-1-102
Purposes.§ 31A-1-103
Scope and applicability of title.§ 31A-1-104
Authorization to do insurance business.§ 31A-1-105
Presumption of jurisdiction.§ 31A-1-106
Residual unlicensed domestic insurers.§ 31A-1-107
Licensees under former Title 31.§ 31A-1-108
Corporations in the process of organizing.§ 31A-1-109
Name of licensee.§ 31A-1-110
Scope of a license.§ 31A-1-201
Construction.§ 31A-1-202
Effect of repeal of former provisions.§ 31A-1-203
Interpretive rules.§ 31A-1-205
Severability.§ 31A-1-301
Definitions.