Home > Planning > Intermediate
Planning Intermediate: How Long-Term Care Insurance Works

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
Which type of long-term care policy pays benefits from a pool of funds based upon the amount of the claim?
Choose wisely. There is only one correct answer.
Reimbursement. Reimbursement policies pay benefits based upon the amount claimed and the pool of available funds.
2.
What is the biggest single factor affecting long-term care insurance premiums?
Choose wisely. There is only one correct answer.
Age of policy applicant (insured). The age of the policy applicant is the biggest single factor in determining the premium quote he or she will be offered.
3.
Which of the following benefit extras would pay for professional services provided to give family members who ordinarily provide long-term care a break?
Choose wisely. There is only one correct answer.
Respite care. The respite benefit covers the cost of professional care up to a limited number of days to relieve family members who ordinarily provide care.
4.
Long-term care insurance premiums are guaranteed to remain level for the life of the policy.
Choose wisely. There is only one correct answer.
False. Long-term care premiums can be changed for a class of policies if approved by the state insurance commissioner.
5.
Cognitive impairment and physical infirmity are examples of _______.
Choose wisely. There is only one correct answer.
Benefit triggers. Benefit triggers include cognitive impairment and physical infirmity.