The consideration paid by a ceding company to a reinsurer for the coverage provided by the reinsurer.
What is Reinsurance Premium?
100
Elimination Period type which only counts the days the policyholder receives paid care.
What is Service Days Elimination Period?
100
Type of Policy which covers both Facility based and Home Health Care
What is a Comprehensive Policy?
100
The LTCI claim model that pays for the actual expenses for covered services up to the Daily Benefit Amount
What is Reimbursement Model?
100
ICOS
What is In Course of Settlement?
200
The four components for calculating LTCI Premium.
What is What is the Elimination Period, Benefits covered, Benefit Amount and the Policy Maximum?
200
Everyday functions and activities individuals usually completed without help for which many policies use the inability to do, to decide when to pay benefits.
What is Activities of Daily Living (ADLs)
200
The amount of risk the ceding company keeps for its own account or the account of others.
What is the Retention Amount?
200
The LTCI claim model that pays a flat dollar amount per day for covered expenses regardless of the cost of those benefits.
What is Indemnity Model?
200
PHI
What is Protected Health Information?
300
The older a person is at the time they purchase LTC coverage the ______ the premium rates are.
What is Higher?
300
Benefit which will pay for the cost of keeping an insured's bed in a nursing home or assisted living facility while the individual temporarily leaves the facility up to a certain number of days.
What is Bed Hold Benefit or Bed Reservation Benefit?
300
What is The Treaty attachment basis where the losses will be covered based on effective date of the original policy, rather than the date of loss
Policies attaching?
300
A plan prescribed by a licensed health care practitioner who prescribes the services that are appropriate and required to address the insured’s condition.
What is Plan of Care?
300
ICD
What is International Classification of Diseases?
400
The longer the Policy Elimination Period is the ________ the LTC premium rates are.
What is Lower?
400
Criteria to determine when eligible to receive benefits. The most common for long-term care insurance are: Needing help with two or more Activities of Daily Living or having a Cognitive Impairment such as Alzheimer's Disease
What are Benefit Triggers?
400
The Treaty attachment basis where the date of the loss rather than the effective date of the original policy determines the basis of attachment
What is Losses occurring?
400
Physical assistance by another person without which the individual would not be able to perform the activities of daily living.
What is Hands-On Assistance?
400
HIPAA
What is Health Insurance Portability & Accountability Act?
500
Four common Limited Premium payment options.
What is Single Pay, Ten Pay, Twenty Pay or to age 65?
500
Equipment such as hospital beds, crutches, wheelchairs, ramps and prosthetics used for in-home care.
What is Durable Medical equipment?
500
The two Policy renewability provisions.
What is Guaranteed Renewable and Non-cancelable?
500
An establish 3 to 12-month time frame for many Carriers to review and update a claimant’s benefit eligibility and plan of care.