Long Term Care

What is the required free look period for the replacement long-term care policies

30 days

Marcus is anticipating receiving a commission check for selling a long-term care policy. What is the accepted amount of commission he may receive for selling a long-term care policy the first year?

200% of the renewal commission for the second year

Which of the following may be excluded under a LTC policy, EXCEPT:

Alzheimer's disease

J's long-term care policy contains a waiver of premium provision, which means that she can stop paying premiums when she

Behind receiving long-term care benefits under her policy

B is buying a long-term care insurance policy. As with other health insurance policies, she can buy a LTC policy with riders that offer additional benefits. Popular LTC benefit options include all of the following EXCEPT

Benefit periods

Which of the following is an optional benefit under long-term care policies?

Guarantee of insurability Nonforfeiture options Inflation protection Optional benefits under long-term care (LTC) plans include: guarantee of insurability, return of premium, hospice care, nonforfeiture options, and inflation protection.

Long-term care policies must be at least:

Guaranteed renewable

Which of the following statements about the respite care provision under a long-term care policy is correct?

It pays a benefit for a family caregiver to get away from their duties for a short period of time.

Long-term care policies contain all of the following provisions, except:

Restricted coverage to skilled care only Long-term care policies cannot restrict coverage to only skilled care.

Insurers must offer inflation protection for all of the following types of policies

Long term care

Long term care insurance differs from Medigap in which of the following ways?

Long-term care insurance provides custodial care.

Which of the following is NOT a typical insurance type of a long-term care coverage?

Medical Care

Which provision in a long-term care policy guarantees that if the insured stops paying premiums after a specified period, he or she will at least receive some of the benefits from the policy?

Nonforfeiture

Which of the following is not a requirement for qualified long-term care plans?

Policies must accrue cash value.

Which of the following is true regarding the treatment of pre-existing conditions in Medigap and LTC policies

Pre-existing conditions which were present 6 months prior to the policy's effective date may be excluded for a maximum of 6 months after the effective date of coverage

When soliciting insurance policies to seniors, insurance professionals must take care to:

Provide a full explanation of policy benefits Fully explain any overlapping coverage Have the prospective insured sign a statement acknowledging that the required information and disclosures were provided.

Longer benefit periods and larger benefit amounts make long-term care policies more costly. However, longer elimination periods will do which of the following?

Reduce the premium amount

Agents selling long-term care and Medicare supplement policies may not use the following practices, except:

Replacement Agents are not permitted to use high pressure tactics, cold lead advertising or twisting in the sale of LTC and Medigap policies.

All of the following are true regarding benefit periods and elimination periods in long-term care policy, EXCEPT:

The elimination period is usually 2 years or more.

All of the following are requirements for qualified long-term care plans, EXCEPT:

The individual must require long-term care for at least 30 days.

All of the following are true regarding long-term care policy elimination period, EXCEPT:

The insured is not required to be confined to a nursing facility during the elimination period.

Long-term care policies can limit or exclude coverage for all of the following, EXCEPT:

a family history of a heart condition

What term refers to an Illness that is treatable, but not curable

chronic

What level of long-term care is provided to assist an individual with ADLs?

custodial care

All of the following are LTC nonforfeiture benefits EXCEPT:

life annuity

Which of the following plans cover custodial care

long term care

A policy or rider designed to provide coverage for at least 12 consecutive months for diagnostic, preventive or personal care services provided in a setting other than the acute care unit of a hospital is called:

long term care insurance

Which of the following practices is not prohibited of agents selling LTC and Medigap policies?

replacement

Which long-term care level of care is comprised of nursing care and rehabilitation needed in a daily basis?

skilled care

Individual long term care insurance policies are generally available to persons in which of the following age groups

those between the ages of 40 and 85