Define Long-Term Care Insurance and Describe Its Basic Features

question 138

Essay

Define long-term care insurance and describe its basic features.

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Definitions:

Assignment

The transfer of rights or property from one party to another.

Delegation

The act of assigning responsibility or authority from one person or group to another.

Creditor Beneficiary

is a third party that benefits from a contract wherein the promisor agrees to pay the promisee's debt to the third party.

Incidental Beneficiary

An incidental beneficiary is a third party who may benefit from a contract between two other parties, even though the benefits were not directly intended for them.