long-term care insurance contract

a long-term insurance contract which:11

1. (a) 11
   1. (i) provides (or would at the policyholder's option provide) benefits for the policyholder which are payable or provided in the event that the policyholder's mental or physical health has deteriorated to the extent that he is incapacitated so that he is unable to live independently without assistance, and is not expected to recover to the extent that he can live independently without assistance; and11
   1. (ii) those benefits are payable or provided in respect of:11
      1. (A) services; 11
      1. (B) accommodation; or11
      1. (C) goods;11
      which are necessary or desirable for the continuing care of the policyholder because of the incapacity referred to in (i); and11
   1. (iii) the benefits under the contract are capable of being paid periodically for all or part of the period during which the policyholder is unable to live independently without assistance; or11
1. (b) is sold or held out as providing benefits for the policyholder as set out in (a).11