Long Term Care
What is the difference between reimbursement and indemnity?
Reimbursement - Benefits up to qualified expenses; receipts required; no informal care
Indemnity - Benefits up to full monthly benefit without receipt; informal care allowed
Who likes sweets
Phil
What are the 4 Key Components of Success?
Accuracy
Availability
Partnership
Advice
Name a carrier that only offers a maximum age 100 guarantee on their VUL?
John Hancock
What is a rider?
A rider is an enhancement that can be added to a policy to tailor coverage.
What carrier offers CICA and what does it provide?
Securian
Ability to add CIA onto the permanent product at conversion with no additional UW
Who hates roller coasters?
Dylan
What are the 4 elements of Life Insurance 10X?
Carrier Selection
Underwriting Advocacy
Customized Design
Policy Management
Which carrier offers the FlexGuard Life IVUL product?
Prudential
What does CVAT stand for?
Cash Value Accumulation Test
What are 3 benefits of Traditional LTC?
Affordable coverage
Inflation protection
Shared Care
Who is the Senior Analyst?
Dustin
What does PMC stand for and what do they offer?
Policy Management Company
Offers inforce policy management solutions for advisors for a fee per policy
What is the name of Prudential's death benefit acceleration rider?
Benefit Access Rider (BAR)
What drives the following products?
GUL
VUL
WL
GUL - Carrier's crediting rate
VUL - Investment performance of the separate account
WL - Dividends
Which of the follow are reimbursement and indemnity?
Securian SecureCare
Nationwide CareMatters
Lincoln MoneyGuard
Securian - Indemnity
NW - Indemnity
Lincoln - Reimbursement
Who has their own office?
Keith
What year was Valmark established?
1963
What is the maximum number of benefit payments on the Nationwide CareMatters Together Product?
96
What is a fiduciary?
A person who must act in the best interest of the client, and put their needs before their own.
What is the key word used to describe the charts on the LTC Module?
Leverage
Who used to work for Nationwide?
Luke
How does Concierge Services assist advisors/clients?
Streamlining the application process by completing application paperwork, checking for accuracy/completion, scheduling exams, etc.
Which two carriers offer a Chronic Illness/LTC rider on their survivorship products?
Nationwide (SIUL)
Prudential (SVUL & SIUL)
Why would a client want to backdate a policy? What is the drawback?
Backdating will preserve the client's prior age - saving money in premium
Will cause the policy date to be earlier, so Year 2 premium will be due on the policy date (can be earlier than 1 year)