Which of the Following Is TRUE About Long-Term Care Insurance

question 99

Multiple Choice

Which of the following is TRUE about long-term care insurance?

• A) It covers help at home but not in a nursing home.
• B) It covers a stay in a nursing home but not help at home.
• C) The older you are when you enroll, the higher the annual premium.
• D) Insurance plans are sold primarily to individuals in the 20-40 age group.
• E) These plans typically pay for all costs.

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Definitions:

Supporting Services Expenses

Costs incurred for activities that assist the core operations of a business but do not directly contribute to production.

Journal Entry

A recording in the accounting ledger that represents a single transaction and its effect on the accounts, consisting of at least one debit and one credit.

Not-for-Profit

Organizations that operate for purposes other than generating profit, investing income back into their missions and activities to benefit society or specific groups.

Statement of Financial Position

A financial statement detailing an organization's assets, liabilities, and equity at a specific point in time; another term for a balance sheet.