LONG TERM CARE CERTIFICATION TRAINING (8HRS) exam study guide 2024 with questions and answers

To determine whether or not long-term care policies can be considered similar policy forms, they are classified as all of the following EXCEPT Independent When referring to an activity of daily living, the term "transferring" means Moving in or out of bed, wheelchair or chair Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen All of the following are factors that point to an increasing need for long-term care insurance EXCEPT Family and friends are not reliable Which of the following best describes taxation of long-term care premiums? Premiums are tax deductible up to 10% of adjusted gross income Which of the following will qualify as an exceptional increase in policy premium rates? Changes in laws that affect all insurers of similar products Who must develop and maintain standards for long-term care insurance client suitability? The insurance company In 1996, upon retirement at age 65, a retired executive purchased a long-term care insurance benefits. What taxes are due? None All of the following factors will increase a prospect's long-term care insurance premium EXCEPT Increasing elimination period Which of the following would be the best long-term care facility choice for a person who needs the most specialized care? Nursing home A husband has one long-term care plan and his wife has another. The husband's plan pays an indemnity of $150 per day and the wife's plan pays 50% of the daily rate. If they are both in care facility that charges $250 per day, how much per day will they pay out of their own pocket after elimination period? $225 A long-term care insurance prospect is comparing a tax-qualified plan with a nonqualified plan. All of the following would be considered advantages for nonqualified plans EXCEPT Tax deductibility An insured has a tax qualified long-term care contract. To receive tax qualified benefits, the insured must have all of the following EXCEPT Medical necessity A spouse provides around the clock care for a long-term care(LTC) benefit recipient. Now, the spouse needs some minor surgery that requires an overnight hospital stay and will not be able to care for the disabled spouse for a few days. If the LTC policy provides for the appropriate coverage, which of of the following would provide in-home care for the disabled spouse? Respite care A policyowner's long-term care plan covers all levels of care, including skilled nursing, custodial, hospice, and adult care. Rank these care levels in the most typical progression from the lowest to terminal care Adult day care, custodial, skilled nursing, hospice Which of the following describes the difference care coordination benefits and custodial care benefits? Care coordination benefit cover costs of general care planners, while custodial care benefits cover the costs of people who assist the disabled person with personal care Which of the following is a reason for using activities of daily living as a trigger for long-term care benefits? The inability to perform these activities makes independent living impossible Which of the following would automatically qualify a person for long-term care benefits? Cognitive impairment such as Alzheimer's disease A long-term care policy owns a spacious home that needs routine maintenance that he is unable to do. Futhermore, shopping has become difficult because he no longer drives and often does not have transportation. Just managing his prescriptions is a chore. What kind of facility might he consider at this time? Assisted living What is the maximum allowed period of time for insurer to pay on a clean claim? 30 days Which of the following does NOT describe hospice care? It provides care to people with life expectancies of 1 to 2 years When an insured chooses the indemnity method of benefit payment, the insurer will pay The fixed benefit amount, regardless of the actual charge. Many factors may determine long-term care premiums, including elimination period and benefit period. For the lowest premium, a policyowner should select which of the following? Long elimination period and short benefit period Which of the following prospects is likely to have the lowest long-term care insurance premium? ? Funding for the first Partnership Program was provided by the Robert Wood Johnson Foundation. Which of the following persons is NOT eligible for Medicare? A person who has been entitled to Social Security Disability for 1 year When insurers determine premium rates for long-term care policies, they take into consideration all of the following factors EXCEPT Adverse selection Which of the following is NOT the mission of the NAIC? Write and enact legislation For the purpose of life insurance underwriting, a 35-year-old male who is in excellent physical condition with no known medical problems would most likely be classified as a preferred risk A top producer, who represents only one company, has a -term care insurance first-year lapse ratio that increased significantly from one year to the next. This fact may indicate Unsuitable sales Which is the following statements is correct? Medicare will cover nursing home care if it is part of the treatment for covered illness To qualify under the Partnership Program, a policy must include all of the following provisions EXCEPT ? Which of the following would NOT be allowed membership in the NAIC? A federal official The agent is known as the "Field Underwriter" because of the information he/she gathers for the insurer. This helps the insurer ? The Medical information Bureau(MIB) helps insurer compare medical information they have collected on a potential insured with the information received from which of the following? Other insurers The medical Information Bureau, which is supported by insurance companies, was designed to protect Insurance companies from adverse selection by high risk persons For personal long-term care insurance, premiums are deductible to the extent they exceed 10% of adjusted gross income An insured has a long-term care insurance policy. He has had the policy for 17 year. Mark is 81 years old and has serious health problems. The company would like to cancel the policy. What are the company's options? Keep the policy in force as long as premiums are paid When does Medicare cover nursing home care? Only if it is part of treatment for a covered illness or injury With a generalized approach to the long-term care insurance rider, which of the following is true? Benefits do not affect the face amount An insured purchases a long-term care policy and pays extra to assure that if he is ever unable to make the premium payment, a portion of the benefits will be preserved. Which option has the insured purchased? Nonforfeiture option Doug decided to retire at age 62. When he applied for Social Security Retirement Benefits, he discovered Medicare coverage varies state to state All of the following are advantages for group long-term care insurance EXCEPT The employer retains employees because they lose coverage if they move to another employer All of the following are a person's assets EXCEPT Taxes An employee who plans to retire in 3 years is concerned that his employer's group long-term care plan will not cover his needs when he retires. What features would improve his benefits immediately? Buy-up An insured's family member discovers a stack of unopened mail with a long-term care insurance lapse notice that is 4 months old. In addition to overdue premiums, what is the insurer likely to require for reinstatement? Physician's note A long-term care insurance shopper's guild must be provided in the format developed by the NAIC The purpose of long-term care insurance is to Maintain a functional level for living If long-term care policy contains a return of premium feature, the insurer will return A percentage of the paid premiums if the insured dies or the policy is lapsed Which of the following statements regarding replacement of long-term care(LTC) coverage is correct? The replacement policy may not contain a new waiting period if that has already been satisfied in the existing policy