62S.14 RENEWABILITY.
Subdivision 1.
Guaranteed renewable. A qualified long-term care insurance policy must
be guaranteed renewable.
Subd. 2.
Terms. The terms "guaranteed renewable" and "noncancelable" may not be used in
an individual long-term care insurance policy without further explanatory language that complies
with the disclosure requirements of section
62S.20. The term "level premium" may only be used
when the insurer does not have the right to change the premium.
Subd. 3.
Authorized renewal provisions. A policy issued to an individual may not contain
renewal provisions other than guaranteed renewable or noncancelable.
History: 1997 c 71 art 1 s 14; 2006 c 255 s 41; 2006 c 282 art 17 s 7