Long-term care policies or certificates issued in Ohio are required to have?

Conquer the Ohio Insurance Laws and Regulations Exam with our comprehensive guide. Boost your confidence and knowledge to ace the exam on your first try!

Long-term care policies or certificates issued in Ohio are required to have a nonforfeiture value. This means that if the policyholder is unable to continue paying premiums, they have the option to receive a reduced benefit or cash value. Option A, a grace period, refers to a period of time after the due date of a premium where it can still be paid without penalty. Option C, a guaranteed renewal feature, means that the policy cannot be cancelled due to the policyholder's age or health status. Option D, a free-look period, allows the policyholder to review the policy after purchasing it and cancel it for a full refund if they are not satisfied. While all of these options may be included in a long-term care policy issued in Ohio, the only required feature is a nonforfeiture value.

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