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Planning Intermediate: How Long-Term Care Insurance Works

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1.
Long-term care insurance premiums are guaranteed to remain level for the life of the policy.
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False. Long-term care premiums can be changed for a class of policies if approved by the state insurance commissioner.
2.
Which type of long-term care policy pays maximum daily benefits regardless of the size of the claim?
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Indemnity. Indemnity policies pay the full daily amount for each day regardless of actual expenses.
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?
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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.
Which of the following best describes the maximum daily benefit that a long-term care insurance policy provides?
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The maximum the policy will pay for any day that you are eligible for benefits. The maximum daily benefit is the maximum the policy will pay for any day that you are eligible for benefits.
5.
Cognitive impairment and physical infirmity are examples of _______.
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Benefit triggers. Benefit triggers include cognitive impairment and physical infirmity.