All of the following are long-term care underwriting considerations, EXCEPT:

a. Post-claims underwriting is acceptable for insureds over the age of 80.

b. Applicants over age 80 applying for a LTC policy must undergo a physical exam.

c. An applicant_s insurability must be carefully established upon policy application.

d. The applicant must receive a copy of the application upon policy delivery.

Answer: a. Post-claims underwriting is acceptable for insureds over the age of 80.

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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The voluntary relinquishment of a legal right is called
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