It provides a source of funds for individuals in need who cannot perform activities of daily living
What is Long Term Care Insurance?
100
It is a stand alone documents that become part of the contract and expands or changes the payable benefits.
What is a Rider?
100
Age of the applicant
Product selected
Riders selected
Underwriting class or rating
Any discounts that are applicable to the policy
What are items that affect premium?
100
A Rider that creates a New policy limit = total premiums paid minus benefits paid
What is Nonforfeiture Rider?
100
The policyholder has an option to purchase guaranteed additional coverage at specific policy anniversary intervals for specific amounts, without any additional underwriting.
What is Optional Inflation Protection?
200
These are basic activities that a person must be able to perform to take care of themselves; routine, everyday activities.
What are Activities of Daily Living?
200
It protects PH against the increased costs of future Long Term Care services.
These are optional offers made at the time of application and are chosen by the insured
What is Inflation Protection Option?
200
Preferred
Standard
Class I
Class II
What is Underwriting Class / Ratings?
200
The Policy limit is restored if insured is “fully recovered” and does not meet benefit triggers for a period of 180 days
What is Restoration of Benefits?
200
It is the only ABI available for Leading Edge Policy.
What is CPI?
300
It is measured by clinical evidence and standardized
tests that reliably measure impairment in the individuals
What is Cognitive Impairment?
300
The amount of time during which payments for covered services are made under the LTC insurance policy. This maybe also expressed as a maximum dollar amount.
What is benefit period
300
Annual
Semi-annual
Quarterly
What are types of Direct Billing?
300
It allows partner to access the available benefits under the other’s policy once their own policy is exhausted.
What is Shared Care Rider?
300
The policyholder pays no additional premium for each increase; the cost of future increases is calculated into the original premium.
What is ABI (Automatic Benefit Increase)?
400
It is defined by the frequency and type of services provided to meet the care needs of a person
What is level of care?
400
The maximum amount the policy will pay, per day, or per month for covered services.
What is Benefit amount?
400
It is a payment mode done monthly.
What is Bank Draft?
400
Type of policy that requires a Licensed Health Care Practitioner certification that the Ph's care is expected to last at least 90 days is required.
What is TQ (Tax Qualified) Policy?
400
It is a surcharge rider (the policy holder pays extra for the rider) sold with the 900 Product Series policies.
What is GIR (Guaranteed Increase Rider)?
500
It is categorized as Home Care, Community Care Services or Institutional Care
What is Care Setting?
500
These are benefits that are part of all LTC policies
What is Core Benefits?
500
It is rating class that offers discount off of the premium
What is Preferred Rating?
500
This was the long-term care insurance policy introduced by John Hancock. It was available only in Florida, New York and Ohio.
What is Pilot 87?
500
_____ = current DB x number of years in benefit period x 365