In this paper, the authors consider the problem of optimum rate adaptation and power allocation to maximize the Delay-Limited Throughput (DLT) in a time-correlated 2x1 MISO Rayleigh fading channel with Hybrid ARQ in Chase-Combining mode (HARQ-CC). To this aim, they have first formulated the DLT equation based on the outage probability for 2x1 MISO- HARQ channel. They show that exact analytical calculation of the outage probability is not tractable. Therefore, they approximate the outage probability using a log-normal approximation approach. Based on such approximation, optimal rate and power allocations are derived. Finally, using Monte-Carlo simulation, they show that the approximation method provides results which are very close to the exact solution.