Table of Contents
- 1 Which of the following must an insurer develop in order to market long term care insurance?
- 2 What is a Tier 1 long term care policy?
- 3 What is Nonforfeiture benefit?
- 4 How many years must insurance advertisements be retained?
- 5 What is the primary benefit of partnership long term care insurance?
- 6 What is the main advantage of buying long term care insurance that qualifies under the Partnership for long-term care Program?
- 7 Which of the following is considered to be an alternative to a life settlement?
- 8 What is key man life insurance and how does it work?
- 9 Why do companies take out life insurance on key people?
- 10 What is the difference between key man insurance and small business insurance?
Which of the following must an insurer develop in order to market long term care insurance?
10234.95. (a) Every insurer or other entity marketing long-term care insurance shall: (1) Develop and use suitability standards to determine whether the purchase or replacement of long-term care insurance is appropriate for the needs of the applicant. (2) Train its agents in the use of its suitability standards.
What is a Tier 1 long term care policy?
Glossary of health insurance terms – FCHP. Provider tiers · Tier 1 means you will pay a lower copayment or coinsurance. This tier includes lower cost, high efficient providers.
What is a partnership long term care policy?
The Long Term Care Partnership Program is a joint federal-state policy initiative to promote the purchase of private long term care insurance. Individuals who purchase a PQ policy ‘earn’ one dollar of Medicaid asset disregard for every dollar of insurance coverage paid on their behalf. Here’s an example.
What is Nonforfeiture benefit?
Nonforfeiture: A Nonforfeiture Benefit must be offered with Long Term Care Insurance policies. The nonforfeiture benefit is designed to ensure that if you lapse your policy (i.e., stop paying premiums) after a specified number of years, you retain some benefits from the policy.
How many years must insurance advertisements be retained?
five
All advertisements shall be maintained in the file for a period of five (5) years after discontinuance of its use or publication.
Which of the following conditions are excluded from long-term care coverage?
Alzheimer’s Disease ( A long-term care policy can exclude or limit coverage for mental or nervous disorders (except for Alzheimer’s disease), alcoholism and drug addition, illness resulting from war, treatment provided in a government facility, preexisting conditions, and services for which benefits are available under …
What is the primary benefit of partnership long term care insurance?
The primary benefit of owning a Partnership long term care policy is the Medicaid asset protection available to you once your long term care insurance benefits have been exhausted.
What is the main advantage of buying long term care insurance that qualifies under the Partnership for long-term care Program?
Benefits of Long Term Care Partnership Programs. Participating in a LTC Partnership Program offers asset protection (protection of savings from the asset limit and protection from estate recovery of the home) to Medicaid applicants. To be clear, this program protects assets, not a Medicaid applicant’s income.
What is a pool of money clause?
Pool of Money = is the maximum amount of benefits a policy can pay in your lifetime. It is usually calculated by multiplying the daily benefit by 365 times the number of years in the benefit period.
Which of the following is considered to be an alternative to a life settlement?
The most common of alternatives to a life settlement is known as an Accelerated Death Benefit (ADB). An ADB, also called “Living Benefit”, allows you to receive a portion of your death benefit from your insurance company.
What is key man life insurance and how does it work?
What is Key Man Life Insurance? Key man life insurance is a common form of corporate-owned life insurance (COLI). It’s also commonly known as key employee insurance or key person insurance. It protects your company if one of your foremost employees—known as a ‘key person’ in the policy—dies.
Can a key man policy be used as an employee benefit?
A key man policy can also be used as an employee benefit, since the life insurance policy can be transferred to the executive or insured employee by the company. Though key person life insurance premiums aren’t tax deductible, the proceeds of the policy are usually provided to the company free of income tax.
Why do companies take out life insurance on key people?
If the company ends up taking out a key person life insurance policy on an individual or number of people, it means that the company sees them as a crucial part of the company. It is a tacit acknowledgment of their importance.
What is the difference between key man insurance and small business insurance?
Simply put, key man insurance deals primarily with death benefits, whereas small business insurance deals with a greater variety of risks. Small business life insurance offers some potential solutions to these issues, such as:
https://www.youtube.com/watch?v=ATAQnw6KqmQ