As of May 10, 2010, when you submit life insurance applications that include the Nationwide long-term care rider, you'll need to meet the training requirements established by your state department of insurance. If the training requirements haven't been met, we can't issue the long-term care rider.
Background on the new requirements
The National Association of Insurance Commissioners' Long Term Care Model Act was designed to protect consumers purchasing long-term care (LTC) insurance. The act encouraged states to require additional continuing education and training for producers who sell both standalone LTC policies and riders.
Here's how this affects applications received on or after May 10, 2010
We will be required to track and report licensing requirements for applications with a long-term care rider received on or after May 10, 2010.
If you submit an application with the LTC rider and you have not met the training requirements, you will have three options:
- We start underwriting, but wait to issue the policy until your LTC licensing requirements are complete and verified.
- You may request we amend the application and underwrite without a LTC rider. A new application is not required.
- Upon your request, we'll return the application and no underwriting will begin.
Your options for applications received after August 1, 2010
As of August 1, there are two options if you submit an application with the LTC rider and haven't met the training requirements. You'll need to choose one of the following:
- We amend the application and underwrite without the LTC rider. To add the LTC rider, you'll need a new, signed application dated after the state LTC requirement has been met.
- We return the application and no underwriting will begin.
Please note: You'll have six months to add the LTC rider to the policy without new underwriting. An LTC application will need to be filled out at the time of application and includes additional LTC medical underwriting questions.
What can you do to meet the training and licensing requirements?
Contact your firm or your state department of insurance for more information on continuing education.
Many third-party companies (examples include Kaplan, Web CE and RegEd) offer online options that can help you meet the requirement in a one-hour course. These companies are not affiliated with Nationwide.
Check out these web sites for more information: