Washington Administrative Code
Title 284 - Insurance Commissioner, Office of the
Chapter 284-83 - Long-term care insurance rules
Section 284-83-125 - Right to reduce coverage and lower premiums
Current through Register Vol. 24-06, March 15, 2024
(1)
(2) The provision must include a description of the ways in which coverage may be reduced and the process for requesting and implementing a reduction in coverage.
(3) The age to determine the premium for the reduced coverage must be based on the age used to determine the premiums for the coverage currently in force.
(4) The issuer may limit any reduction in coverage to plans or options available for that policy form and to those for which benefits will be available after consideration of claims paid or payable.
(5) If a policy or certificate is about to lapse, the issuer must provide a written reminder to the policyholder or certificate holder of his or her right to reduce coverage and premiums in the notice required by WAC 284-83-025(1)(c).
(6) Compliance with this section may be accomplished by policy replacement, exchange or by adding the required provision via amendment or endorsement to the policy.
(7) This section does not apply to life insurance policies or riders containing accelerated long-term care benefits.
Statutory Authority: RCW 48.02.060, 48.83.070, 48.83.110, 48.83.120, 48.83.130(1), and 48.83.140(4)(a). 08-24-019 (Matter No. R 2008-09), § 284-83-125, filed 11/24/08, effective 12/25/08.