131257
Description
Flashcards by Det Ferraris, updated more than 1 year ago
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Created by Det Ferraris
almost 11 years ago
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| Question | Answer |
| Elimination (Waiting) Period | number of days that must pass before policy benefits begin. |
| Azheimers | mental conditions of an organic nature, such as Alzheimers are required to be covered by LTC policies |
| Non-Tax Qualified | easier to qualify for benefits, premiums not tax deductible, benefits may be taxible |
| tax qualified | more difficult to qualify for benefits, premiums may be deductible, benefits NOT taxable |
| Non forfeiture Benefit | option that provides a shortened benefit period after lapse or cancellation if policy has been in force for specified period of time |
| Inflation Protection | optional rider that increases the policy's benefit in order to combat the effects of inflation (insurers legally required to offer) |
| Rejection of Inflation Protection | form that must be signed by applicant if one of the inflation protection option is NOT purchased. |
| 3 Ways to Issue LTC | Individual Policy, Group Policy, Life Policy Rider |
| LTC insurers, agents and brokers owe policyowners a.. | Duty of Honesty, Duty of Good Faith, Duty of Fair Dealing |
| Pre-existing conditions | Pre-existing conditions must be covered no later than 6 months after the policy's effective date |
| LTC policies must have a 30-day Free-Look period, regardless of insureds age | LTC policies must have a 30-day Free-Look period, regardless of insureds age |
| Suitability Standards | must be used to determine whether the purchase or replacement of LTC insurance is appropriate for the applicant |
| Personal Worksheet must include: | premium, rate increase history, income information, savings & investments |
| LTC may NOT | cancel based on age or deterioration of mental or physical health, establish a new waiting period of existing coverage replaced by a new policy with the same insurer, provide coverage for skilled nursing care only OR provide significantly more coverage for skilled care in a facility than coverage for lower levels of care |
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