8 - Long Term Care Flashcards
Long-term Care Insurance (LTCI) policies in North Carolina must contain _____ levels of care providing benefits for at least 12 months.
-3 (Skilled, Intermediate, Custodial)
The three levels of nursing care are:
- Skilled
- Intermediate
- Custodial
All of the following are methods of payment from LTCI policies:
- Indemnity Basis
- Expense-Incurred Basis
- Disability Basis
The insurance producer selling Partnership Qualified Long-term Care Insurance policies will be required to complete a _____ “refresher” course in each compliance period.
-4 hour
Long-term Care Insurance (LTCI) policies are required to offer a particular option. If the company or producer fails to make this offer, it is an unfair trade practice. This option is:
-The inflation option requiring a 5% compounded increases annually
Regulations require in a direct response sale for LTCI that the Shoppers Guide be provided no later than _________.
-at time of delivery
Organic brain disease such as _______ is covered in the Long-term Care Insurance (LTCI) policy.
-Alzheimer’s
According to North Carolina insurance regulations, when does the Long-term Care Insurance (LTCI) Financial or Suitability Worksheet have to be completed?
-When the application is taken
If a field producer takes an application for a LTCI policy when must the Outline of Coverage be delivered to the applicant?
-at time of application
No “attained age rating” will be allowed after what age in a Long-term Care Insurance (LTCI) policy in North Carolina?
-Age 65
North Carolina insurance regulations require Long-term Care Insurance (LTCI) policies have a “free look period” of:
-30 days from the date of policy delivery to the applicant
There is no open enrollment in LTCI policies; however, if the insurer issues the policy, the pre-existing conditions can only be waived for ______ from issue date.
-6 months
Insurance producers selling or soliciting a Partnership Qualified (PQ) Long-term Care Insurance policy are required to complete a special _______ training course.
-8 hour
The “six and six” rule in a Long-term Care Insurance (LTCI) policy means which of the following?
The insurer may look at preexisting conditions for a period of 6 months before application for the policy and waive those conditions for a period of 6 months after issue
To be a tax qualified Long-term Care Insurance policy, the policy must “trigger” and pay benefits under which of the following?
-inability to perform 2 or more ADLs for a period of at least 90 days
Long-term Care Insurance (LTCI) policies in North Carolina must offer as a rider or as a stated provision which of the following?
-Inflation Protection
All individual Long-term Care Insurance (LTCI) policies are required to provide for reinstatement of coverage if the insurer is furnished proof of cognitive impairment or the loss of functional capacity of the insured. For how long is this option available after the lapse or termination of the policy?
-5 months
The daily per diem amount allowed by the IRS for LTCI that is not subject to taxation is:
-$360
