We are submitting an addendum to the actuarial memorandum filed with previously approved individual Long Term Care Insurance Policy form, 7052 DC. The Addendum is being filed concurrently in Delaware, our state of domicile.
Policy form 7052 DC was approved on 10/26/10 and the rates on 12/28/10. The SERFF Tracking Numbers are: GEFA-126825482(forms) and GEFA-126825481(rates).
The purpose of the Addendum is to:
• reduce the 40% discount given to couples where two applicants apply and two policies are issued to 20%;
• reduce the 25% discount given to couples for policies where two applicants apply but only one policy is issued to 10%.
Otherwise, the rates for form 7052 DC have not changed, nor is any other feature or benefit of the approved policy form changing.
The change to the discount will only be applied to newly issued policies sold after the effective date of approval, and will not be applied, or otherwise result in a change, to in-force policies.
Upon approval and implementation, the new discount will replace the discount previously approved.