NAC687B.0685. Offer of nonforfeiture benefit required.

     1. Except as otherwise provided in subsection 2, an insurer shall not deliver or issue for delivery in this State a long-term care insurance contract or certificate unless the policyholder or certificate holder has been offered the option to purchase a long-term care insurance contract or certificate that includes a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider or endorsement 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 must be available to the policyholder or certificate holder for the period following a substantial increase in premium rates specified in NAC 687B.0686.

     2. Except as otherwise provided in subsection 3, if an insurer offers a group long-term care insurance contract, the offer required by subsection 1 must be made only to the group policyholder.

     3. If an insurer offers a group long-term care insurance contract to a group described in subsection 4 of NAC 687B.025, other than a continuing-care retirement community or other similar entity, the offer required by subsection 1 must be made to each certificate holder.

     (Added to NAC by Comm’r of Insurance by R121-07, 9-18-2008, eff. 10-1-2008; A by R028-10, 12-16-2010, eff. 10-1-2011)