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1.
Which of the following is not an important long-term care policy variable used in designing a policy?
The cost of long-term care today. While the cost of long-term care is important, the future cost is more important, and that is covered by the maximum daily benefit variable.
2.
Because the consumer can modify so many variables in a long-term care insurance policy, it is more customizable than most other consumer insurance.
True. The consumer's ability to tinker with the design of the policy in several ways makes it possible to customize LTC insurance more than the other types of policies most of us are familiar with.
3.
Benefits for home-based and community-based care are often paid at _______.
75 percent of the maximum daily rate. Many policies only pay 75 percent of the maximum daily rate for home-based or community-based care services.
4.
You can check the financial strength of long-term care insurers on the Internet by going to all of the following except _______.
Google. You can use the Internet to check the financial strength ratings of the insurance companies on your list according to three of the most widely used rating services: A.M. Best's financial strength ratings, Moody's Investor Service, and Fitch Investors' Service.
5.
During the elimination period, long-term care costs are paid by _______.
The insured. Expenses during the waiting period must be paid by the insured.