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.
What do we call the number of days you must wait after qualifying for long-term care policy benefits before actually becoming entitled to payment from that point forward?
Choose wisely. There is only one correct answer.
Elimination period. The elimination or waiting period is the number of days you must wait after qualifying for LTC policy benefits before actually becoming entitled to payment from that point forward.
4.
Which of the following long-term care insurance benefit extras pays for an advocate who assists with developing a plan of care to monitor its performance?
Choose wisely. There is only one correct answer.
Care coordinator. The care coordinator assists with developing a plan of care, making arrangements with care providers and monitoring their performance.
5.
Which type of long-term care policy pays benefits at the beginning of the elimination (waiting) period?
Choose wisely. There is only one correct answer.
Neither. The elimination or waiting period must expire before benefits are paid.