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23-97-318. Incontestability period.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-97-318. Incontestability period.
(a) An insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim if:
(1) The long-term care insurance policy or certificate has been in force for less than six (6) months and the insurer relied upon a material misrepresentation in providing coverage; or
(2) The long-term care insurance policy or certificate has been in force for at least six (6) months but less than two (2) years and the insurer relied upon a material misrepresentation in providing coverage that pertains to the condition for which benefits are sought.
(b) A policy or certificate that has been in force for two (2) years or more may be contested only by showing that the insured knowingly and intentionally misrepresented relevant facts relating to the insured's health.
(c)(1) No long-term care insurance policy or certificate may be field issued based on medical or health status.
(2) As used in this section, “field issued” means issued by an agent or a third-party administrator under the underwriting authority granted to the agent or third-party administrator by an insurer.
(d) If an insurer has paid benefits under the long-term care insurance policy or certificate, the benefit payments may not be recovered by the insurer if the policy or certificate is rescinded.
(e)(1) Except as provided in subdivision (e)(2) of this section, this section shall apply to all life insurance policies that accelerate benefits for long-term care.
(2)(A) In the event of the death of the insured, this section shall not apply to the remaining death benefit of a life insurance policy that accelerates benefits for long-term care.
(B) The remaining death benefit shall be governed by § 23-81-105.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-97-318
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-97-318
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cba7a4892f819ded025c0fa229bb57c1d7027fe7263c451f8aac87c08a50cf24
Source location: content.xml paragraph 58061
Stored source content
23-97-318. Incontestability period.
(a) An insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim if:
(1) The long-term care insurance policy or certificate has been in force for less than six (6) months and the insurer relied upon a material misrepresentation in providing coverage; or
(2) The long-term care insurance policy or certificate has been in force for at least six (6) months but less than two (2) years and the insurer relied upon a material misrepresentation in providing coverage that pertains to the condition for which benefits are sought.
(b) A policy or certificate that has been in force for two (2) years or more may be contested only by showing that the insured knowingly and intentionally misrepresented relevant facts relating to the insured's health.
(c)(1) No long-term care insurance policy or certificate may be field issued based on medical or health status.
(2) As used in this section, “field issued” means issued by an agent or a third-party administrator under the underwriting authority granted to the agent or third-party administrator by an insurer.
(d) If an insurer has paid benefits under the long-term care insurance policy or certificate, the benefit payments may not be recovered by the insurer if the policy or certificate is rescinded.
(e)(1) Except as provided in subdivision (e)(2) of this section, this section shall apply to all life insurance policies that accelerate benefits for long-term care.
(2)(A) In the event of the death of the insured, this section shall not apply to the remaining death benefit of a life insurance policy that accelerates benefits for long-term care.
(B) The remaining death benefit shall be governed by § 23-81-105.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-105. Life insurance — Incontestability provision.
There shall be a provision that, except for fraud in the procurement, the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of the insured for a period of two (2) years from its date of issue. However, at its option, the insurer may omit from the provision the phrase “except for fraud in the procurement”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-81-105. This identifies an authority to review, not proof of applicability.