Life Care Communities
Definition of "Life care communities"
Facilities for senior adults who pay an entrance fee to move into the facility as well as a monthly fee. The adults receive, in return, a place to live and long-term care usually for the adult's life. Questions to be asked before joining a community include: Who sponsors the community? What is the financial condition of the community? Is the community accredited? Who are the trustees? Does the community provide educational and recreational opportunities? May the residents of the community have visitors and pets and under what circumstances? Who makes the rules for the community and to what extent are the members allowed to contribute? What legal rights do the members have to the assets of the community?
Popular Insurance Terms
Direct payment to a new custodian for a retirement plan. This payment is not a taxable event since it is not a distribution. The payment must be between like plans; for example, one ...
Same as term Commutation Right: right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
Type of flexible spending account. ...
Language in the insurance policy that can be considered unclear or subject to different interpretations. Under these circumstances, the courts have generally ruled in favor of insured ...
Publication stipulating underwriting rules applicable for a given line of insurance, classifications of exposures within that line of insurance, and premium rates per classification. For ...
Plan in which funds are currently allocated to purchase retirement benefits. An employee is thus assured of receiving retirement payments, even if the employer is no longer in business at ...
Sum total of all assets owned by the decedent to include personal property, real property, and trust property. ...
Bulletin issued June, 1993, with disclosure requirements that strongly suggest that insurance companies establish reserves or add to current reserves for asbestos and environmental risks to ...
Insurance company whose corporate charter and bylaws prevent assessment of its policyowners, regardless of how adverse its loss and expense experience may become. ...
Have a question or comment?
We're here to help.