General Bill
Life Insurance:
Requires life insurance policies or riders to provide for accelerated payment of death benefits to insureds who have been residents of nursing home for specified amount of time & who are expected to remain residents of nursing home until their death; requires insurers to offer applicants for life insurance policies or riders providing accelerated death benefit payments; requires insurers to offer by specified date riders providing accelerated death benefit payments to insureds holding policies in effect before act's effective date; requires insured who applies for Medicaid benefits in order to pay for long-term care determine fair market value of life insurance policy & spend down all proceeds from converting policy to pay for long-term care in specified manner; requires long-term care benefit plan to ensure payments are made to insured's estate & guarantee payment of funeral expense benefit to insured's estate; provides exception; authorizes OIR, in consultation with AHCA & DCFS to adopt rules; requires insurers to provide written notifications containing specified information & statements to life insurance policy owners who are of certain age or terminally or chronically ill; provides penalties & remedies under chapter 501, F.S., relating to deceptive & unfair trade practices.
Effective Date:
July 1, 2012
Last Event:
Died in Health & Human Services Quality Subcommittee on Friday, March 9, 2012 11:59 PM
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Subject
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Relationship
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Bill #:
SB 1756
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Subject:
Life Insurance
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Relationship:
Similar
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