Definition of "Life care communities"

Mike Renouf real estate agent

Written by

Mike Renoufelite badge icon

Landmark 24 Realty

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?

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Method of premium payment under which a temporary premium is charged based on projected loss experience. At the end of the year this premium is adjusted to reflect the actual loss ...

Group arrangement in which a network of attorneys provides legal services to the participants in the plan with the attorney fees being reimbursed by the provider. The attorneys who are ...

Deductible eliminated through the payment of an additional premium, resulting in first-dollar coverage under the policy. ...

Act that prohibits insurance companies, group health plans, and health maintenance organizations from establishing lifetime limits or annual limits on mental health coverage that are lower ...

Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...

Smallest acceptable premium for which an insurance company will write a policy. This minimum charge is necessary to cover fixed expenses in placing the policy on the books. ...

Circumstance resulting when government expenditures exceed government income. To finance this difference, the United States Treasury will auction Treasury bills, notes, and bonds. In order ...

Modified participating level coverage permanent life insurance policy under which the dividends are credited to the policy, thereby reducing the premiums below that usually charged for an ...

Same as term Fortuitous Loss: loss occurring by accident or chance, not by anyone's intention. Insurance policies provide coverage against losses that occur only on a chance basis, where ...

Popular Insurance Questions