Question 25 of 150 Which of the following would be among the prohibited provisions for long-term care insurance policies delivered to the insured in California? A. Having the premium increased in the event of a divorce. B. Canceling or failing to renew the policy due to changes in a person's health. C. Limiting benefits to skilled nursing facilities only. D. All of these
Added by Jose Francisco O.
Close
Step 1
Step 1: In California, long-term care insurance policies cannot be canceled or denied due to changes in a person's health. Show more…
Show all steps
Your feedback will help us improve your experience
Madhur L and 94 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
14. Abby is a passenger in an automobile that is struck by a drunk driver. She suffers severe trauma to the head, which results in a substantially reduced ability to render safe judgments. Though Abby is able to go about her activities of daily living, her condition is permanent, and she must be supervised much of the time. Should this set of conditions normally qualify for benefits under a qualified long-term care policy? a. Yes, because it is a loss of cognitive function. b. No, because she can carry out her ADLs unassisted, and ADL impairment is required under an LTC policy. c. Yes, because this would loosely fall into the category of "medically necessary care." d. No, because this type of condition is covered by disability insurance. 15. Franklin owns a qualified LTC partnership policy that will provide for $250,000 in lifetime benefits. With this policy, which of the following are specifically protected from Medicaid's spend-down rules that would otherwise not be protected? a. his $175,000 home b. his $200,000 investment portfolio c. his annual $5,000 in dividend income d. his $1,000 in monthly Social Security retirement income benefits 16. This year, Ruben purchased a partnership-qualified LTC insurance policy with maximum lifetime benefits of $200,000. His countable assets total $300,000. Under his state's Medicaid program, he would be permitted to keep up to $2,000 in countable assets if he were to qualify for Medicaid. Ruben has a stroke, lapses into a coma, and requires long-term care services. The cost of his care exceeds the policy's maximum benefit amount, and he must apply to Medicaid. What is the total amount of Ruben's personal countable assets that would be exempt from Medicaid's spend-down requirement? a. $2,000 b. $200,000 c. $202,000 d. $300,000 17. All of the following insureds purchased a long-term care insurance policy after 2000. Based solely on the information given, who does not own a tax-qualified LTCi policy? a. Barry's LTCi policy offers no nonforfeiture benefit b. Ashley's LTCi policy began to pay after 90 days of incontinence and the inability to eat unaided. c. Emily's policy began to pay after 90 days of being unable to bathe or dress unaided.
Madhur L.
Adi S.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD