Model state law of the NAIC setting minimum standards with which insurance products must comply if they are to qualify under the definition of a long-term care (LTC) insurance policy. These minimum standards include the following:
Policies must be a GUARANTEED RENEWABLE CONTRACT.
Specific illnesses (health problems) cannot be excluded from coverage.
Summary of the policy in outline form must be provided the insured.
FREE EXAMINATION "FREE LOOK" PERIOD must be included in the policy during which time the POLICYHOLDER may cancel the policy for any reason and receive the return of the premiums paid in.
Essentially the same benefits for custodial care and skilled nursing care must be provided by the policy.