§ 62S.11 — Monthly Report
Plain-Language Summary
When long-term care benefits are being paid through a life insurance policy by using the death benefit early, the insurer must send the policyholder a monthly report. The report must show benefits paid, changes to the policy values, and how much benefit remains.
62S.11 MONTHLY REPORT.
§
Subdivision 1.Required report.
Any time a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report must be provided to the policyholder. §
Subd. 2.Contents.
The report must include the following information:
(1) long-term care benefits paid out during the month;
(2) an explanation of changes in the policy, such as death benefits or cash values, due to long-term care benefits being paid out; and
(3) the amount of long-term care benefits existing or remaining.
History:
History: History:
1997 c 71 art 1 s 11