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F102 > Chapter 7 : Long-term care insurance > Flashcards

Chapter 7 : Long-term care insurance Flashcards

1
Q

What is long-term care?

A

LTC includes all forms of continuing personal and nursing care and associated domestic services.

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2
Q

What customer needs are met by LTCI?

A
  1. Insufficient funds to pay for care in old age when care from state in unavailable or inadequate.
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3
Q

What are the two different types of LTC?

A
  1. Pre-funded
  2. Immediate
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4
Q

What are the risks to the insurer of LTCI

A
  1. CLaim inception and trasnfer probabilities (including anti-selection)
  2. Investment and expenses
  3. Selective and normal withdrawals
  4. Marketing risk
  5. Capital requirement could be extensive
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F102 (38 decks)

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