Long term care and disability income insurance policy terms tested on state insurance licensing exams.
30 cards · basic cards · AI-written, checked twice. Edit anything.
- What is the elimination period in a disability income policy?
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The waiting period before benefits begin after a covered disability occurs- What does the benefit period specify in long-term care insurance?
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The maximum length of time the policy will pay benefits- What is a waiver of premium rider?
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Provision that waives premium payments while the insured is receiving disability benefits- What is a pre-existing condition in insurance policies?
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A condition that existed before the policy was issued, sometimes subject to exclusion periods- What are activities of daily living (ADLs)?
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Essential self-care functions used to determine long-term care eligibility, typically including bathing, dressing, eating, and toileting- What is cognitive impairment in long-term care policies?
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Significant loss of mental capacity, often due to Alzheimer's or dementia, that qualifies for benefits- What is a benefit trigger in disability insurance?
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The specific event or condition that must occur for the policy to begin paying benefits- What does own-occupation definition mean?
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The insured is disabled if unable to perform the duties of their own specific occupation, regardless of whether they can work in other occupations- What is modification of occupation in disability policies?
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A middle-ground definition where the insured is disabled if they cannot perform their regular occupation and do not engage in any other occupation for income- What is residual disability?
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Partial disability where the insured can perform some but not all of their regular job duties, sometimes qualifying for partial benefits- What does COLA mean in insurance?
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Cost of Living Adjustment, a rider that increases benefits annually to offset inflation- What is a shared care benefit in long-term care insurance?
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An option allowing a couple to share a single pool of lifetime benefits between them- What is respite care in long-term care policies?
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Short-term care provided to give relief to a primary caregiver, typically covered under long-term care insurance- What is a non-forfeiture option?
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A policy provision allowing the insured to maintain reduced benefits after discontinuing premium payments, rather than losing all coverage- What does guaranteed renewability mean?
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The insured has the right to renew the policy up to a certain age without being denied renewal, though premiums may increase
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