Drake is the owner/insured under a long-term care insurance policy. He purchased
the policy at age 58 and included a guaranteed purchase option that enables him to
add more coverage to the policy every three years. Under which condition would
Drake's ability to purchase additional coverage end?
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Once the policy begins paying its benefits. As a general rule, once a policy
begins paying its benefit, future purchase options are no longer available.
All of the following are services commonly offered by assisted living residences
EXCEPT: a. health care management
b. help with medications
c. housekeeping
d. continuous post-operative monitoring
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, Assisted living residences generally provide most personal and health care
services except for skilled nursing care, such as CONTINUOUS POST-
OPERATIVE MONITORING, which can only be offered by a skilled nursing
facility.
All of the following are sound reasons for purchasing life insurance EXCEPT:
a. ensuring the financial security of a spouse, children, and other family members
b. preserving an estate
c. funding anticipated LTC expenses
d. clearing up outstanding debt owned by the decedent
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c. An LTCI policy is more appropriate for meeting long-term care expenses
than purchasing a life insurance policy, which is better suited for providing
financial security for surviving family members.
Under the NAIC Long-Term Care Model Act as well as many state insurance
regulations, who is primarily responsible for instituting good suitability practices?
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Producers and insurance companies equally. The NAIC addresses suitability
in Section 24 of its Long-Term Care Insurance Model Act and Regulation,
where it places responsibility on both the producer and the insurer to
ensure sales of LTCI adhere to suitability principles.
Gerald purchased a partnership-qualified LTCI policy that provides coverage for both
nursing facility care and home and community-based care. The daily nursing facility
care benefit is $150. The total benefit available for home and community care under
, this policy must be at least what amount?
a. $27,375
b. $54,750
c. $41,063
d. $82,125
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a. $27,375. The total benefit under a qualified LTC partnership policy for
home and community-based care must be equal to at least half of the
benefit payable for skilled nursing facility care for one year. In this case,
because the benefit for nursing facility care for one year would be $54,750
($150 a day × 365 days), the home and community-based care benefit must
be at least $27,375.
Which of the following only covers inpatient hospital care and hospice?
a. Medicare Part A
b. Medicare Part B
c. Medicare Part C
d. Medicare Part D
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a. Part A helps pay for inpatient care in a hospital or skilled nursing facility
(following a hospital stay), some home health care, and hospice care.
All of the following are steps in the needs-based selling approach EXCEPT:
a. needs analysis
b. fact finding
c. engaging in fair competition
d. product recommendation
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the policy at age 58 and included a guaranteed purchase option that enables him to
add more coverage to the policy every three years. Under which condition would
Drake's ability to purchase additional coverage end?
Give this one a try later!
Once the policy begins paying its benefits. As a general rule, once a policy
begins paying its benefit, future purchase options are no longer available.
All of the following are services commonly offered by assisted living residences
EXCEPT: a. health care management
b. help with medications
c. housekeeping
d. continuous post-operative monitoring
Give this one a try later!
, Assisted living residences generally provide most personal and health care
services except for skilled nursing care, such as CONTINUOUS POST-
OPERATIVE MONITORING, which can only be offered by a skilled nursing
facility.
All of the following are sound reasons for purchasing life insurance EXCEPT:
a. ensuring the financial security of a spouse, children, and other family members
b. preserving an estate
c. funding anticipated LTC expenses
d. clearing up outstanding debt owned by the decedent
Give this one a try later!
c. An LTCI policy is more appropriate for meeting long-term care expenses
than purchasing a life insurance policy, which is better suited for providing
financial security for surviving family members.
Under the NAIC Long-Term Care Model Act as well as many state insurance
regulations, who is primarily responsible for instituting good suitability practices?
Give this one a try later!
Producers and insurance companies equally. The NAIC addresses suitability
in Section 24 of its Long-Term Care Insurance Model Act and Regulation,
where it places responsibility on both the producer and the insurer to
ensure sales of LTCI adhere to suitability principles.
Gerald purchased a partnership-qualified LTCI policy that provides coverage for both
nursing facility care and home and community-based care. The daily nursing facility
care benefit is $150. The total benefit available for home and community care under
, this policy must be at least what amount?
a. $27,375
b. $54,750
c. $41,063
d. $82,125
Give this one a try later!
a. $27,375. The total benefit under a qualified LTC partnership policy for
home and community-based care must be equal to at least half of the
benefit payable for skilled nursing facility care for one year. In this case,
because the benefit for nursing facility care for one year would be $54,750
($150 a day × 365 days), the home and community-based care benefit must
be at least $27,375.
Which of the following only covers inpatient hospital care and hospice?
a. Medicare Part A
b. Medicare Part B
c. Medicare Part C
d. Medicare Part D
Give this one a try later!
a. Part A helps pay for inpatient care in a hospital or skilled nursing facility
(following a hospital stay), some home health care, and hospice care.
All of the following are steps in the needs-based selling approach EXCEPT:
a. needs analysis
b. fact finding
c. engaging in fair competition
d. product recommendation
Give this one a try later!
