CFP Insurance

Question 1

LTC Locations

Answer 1

Nursing Home Care, Assisted Living Facility, Adult Day Health Care, Home Health Aide, Homemaker Services

Question 2

Medicare Coverage for skilled nursing care

Answer 2

1-20: $0 co-pay; 20-100: $194.50 per day, 101+: Individual pays

Question 3

3 Components of LTCi

Answer 3

Elimination period, benefit period, amount of daily benefit

Question 4

VUL Subaccounts

Answer 4

Policy owner can allocate premiums not held in the general account of the insurance company - these are not subject to the insurance company’s creditors

Question 5

Risk Management

Answer 5

Risk avoidance, risk reduction, risk retention

Question 6

Low-cost of term with cash value of whole

Answer 6

Universal

Question 7

Death benefit taxation

Answer 7

If the beneficiary does not take the proceeds as a lump sum of cash and instead takes a series of payments that include interest earnings, there is federal income tax on the interest portion