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1.
Which type of long-term care policy pays benefits from a pool of funds based upon the amount of the claim?
Reimbursement. Reimbursement policies pay benefits based upon the amount claimed and the pool of available funds.
2.
Which of the following best describes the maximum daily benefit that a long-term care insurance policy provides?
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.
3.
In long-term care insurance, the term GUARANTEED RENEWABLE means _______.
The policy cannot be canceled or modified by the company as long as the premiums are paid. As long as the insured pays the premium on time, the insurance company must maintain the policy in force without any change in coverage unless the insured agrees.
4.
Which type of long-term care policy pays benefits at the beginning of the elimination (waiting) period?
Neither. The elimination or waiting period must expire before benefits are paid.
5.
Which of the following benefit extras would pay for professional services provided to give family members who ordinarily provide long-term care a break?
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.