Psi - Life, Accident, And Health - Long Study Guide Graded A+

Which is an INACCURATE statement regarding inflation protection for long-term care insurance? 1. Increases are compounded annually at a rate not less than 5 percent. 2. Guarantees the insured individual the right to periodically increase benefit levels. 3. The protection covers a specified percentage of actual or reasonable charges, and includes a maximum specified indemnity amount. 4. Insurers shall offer to each policyholder or certificate holder the option to add an inflation protection feature with their policy at the time of purchase. {Ans: The protection covers a specified percentage of actual or reasonable charges, and includes a maximum specified indemnity amount.}All of the following conditions provide a basis for group life insurance coverage EXCEPT 1. insurance may be issued with or with out medical examinations of each applicant. 2. for a group plan the coverage must be provided for not less than two employees. 3. coverage is offered to all employees if premiums are paid jointly by employer and employees. 4. amounts of insurance may be selected as needed per individuals personal need. {Ans: amounts of insurance may be selected as needed per individuals personal need.}A person who does NOT hold a valid license may do which of