(215 ILCS 5/351A-7) (from Ch. 73, par. 963A-7)
Sec. 351A-7.
Right to return.
(a) An individual long-term care
insurance policyholder shall have the right to return the policy within 30
days of its delivery and to have the premium refunded directly to him or
her if, after examination of the policy, the policyholder is not satisfied
for any reason. Long-term care insurance policies shall have a notice
prominently printed on the first page of the policy or attached thereto
stating in substance that the policyholder shall have the right to return
the policy within 30 days of its delivery and to have the premium refunded
if, after examination of the policy, the policyholder is not satisfied for
any reason.
(b) A person insured under a long-term care insurance policy or
certificate issued pursuant to a direct response solicitation shall have
the right to return the policy or certificate within 30 days of its
delivery and to have the premium refunded directly to him or her if, after
examination, the insured person is not satisfied for any reason. Long-term
care insurance policies or certificates issued pursuant to a direct
response solicitation shall have a notice prominently printed on the first
page of the policy or certificate attached thereto stating in substance
that the insured person shall have the right to return the policy or
certificate within 30 days of its delivery and to have the premium refunded
if, after examination of the policy or certificate, the insured person is
not satisfied for any reason. This subsection also applies to denials of
applications, and any refund must be made within 30 days of the return or
denial.
(Source: P.A. 92-148, eff. 7-24-01.)
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