Subdivision 1. Guaranteed renewable.
A qualified long-term care insurance policy must be guaranteed renewable.
Subd. 2. Terms.
The terms "guaranteed renewable" and "noncancelable" may not be used in an individual long-term care insurance policy without further explanatory language that complies with the disclosure requirements of section 62S.20 . The term "level premium" may only be used when the insurer does not have the right to change the premium.
Subd. 3. Authorized renewal provisions.
A policy issued to an individual may not contain renewal provisions other than guaranteed renewable or noncancelable.