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Question 1 of 10
1. Question
After 5 years, the initial investment of $50,000 has increased to $500,000. What is the growth rate of the investment?
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Question 2 of 10
2. Question
An initial investment of $1000 has a 0.08 growth rate, what will be the capital amount after 10 years?
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Question 3 of 10
3. Question
Based on LTC policies, which of the following statements best defines chronically ill.
Correct
Before being approved for LTC, the patient must also have an existing health plan.
Incorrect
Before being approved for LTC, the patient must also have an existing health plan.
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Question 4 of 10
4. Question
What happens to lump-sum payments during the accumulation period?
Correct
The principal amount invested in the annuity has a guaranteed fixed minimum rate of interest called a fixed annuity.
Incorrect
The principal amount invested in the annuity has a guaranteed fixed minimum rate of interest called a fixed annuity.
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Question 5 of 10
5. Question
Which of the following statements is true about deferred annuities?
Correct
No matter what kind of annuity, payments will only begin when one full payment period has passed.
Incorrect
No matter what kind of annuity, payments will only begin when one full payment period has passed.
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Question 6 of 10
6. Question
Which of the following best describes a single premium annuity?
Correct
If an individual cashed in their life insurance, the cash gained can be used to purchase a single premium so that he or she will have an income for the rest of their life.
Incorrect
If an individual cashed in their life insurance, the cash gained can be used to purchase a single premium so that he or she will have an income for the rest of their life.
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Question 7 of 10
7. Question
Which of the following can be eligible for LTC insurance?
Correct
Some senior citizens are more eligible for Medicaid Reimbursement of LTC expenses.
Incorrect
Some senior citizens are more eligible for Medicaid Reimbursement of LTC expenses.
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Question 8 of 10
8. Question
Which of the types of Long-Term Care are suitable for elderly people who live at home with their relatives who need assistance to supervise and accompany the elderly people to enjoy social and recreational activities during the day?
Correct
This care includes the benefits of Specialized care for Alzheimer’s victims and similar diseases.
Incorrect
This care includes the benefits of Specialized care for Alzheimer’s victims and similar diseases.
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Question 9 of 10
9. Question
Which of the following is a factor to determine annuity payouts?
Correct
In most states, sex is a factor used because women typically live longer than men.
Incorrect
In most states, sex is a factor used because women typically live longer than men.
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Question 10 of 10
10. Question
Each policy for Long-Term Care insurance has exclusions of coverage. Some of the exclusions are listed below except for one.
Correct
Most policies now cover Alzheimer’s disease and organic-based mental illness.
Incorrect
Most policies now cover Alzheimer’s disease and organic-based mental illness.