Long-Term Care Policies

question 48

Multiple Choice

Long-term care policies:

• A) are not standardized
• B) are purchased by more than 70% of U.S. senior citizens
• C) provide coverage that is normally triggered by an inability of the insured to understand the ramifications of their actions
• D) are legal in only 38 states

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Definitions:

Point Estimate

A single value (or point) derived from a sample that best predicts or estimates an unknown population parameter.

Population Proportion

The fraction or percentage of individuals in a population who possess a specific attribute or characteristic.

Unbiased Estimator

An attribute of an estimator that ensures the expected value of the estimate equals the parameter being estimated.

Population Parameter

A numeric value that describes a characteristic of the entire population, such as the mean or standard deviation.