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Question ID: 559580

As you explain to your client Ron how his long-term care insurance premiums are developed, you say it is based on which of the following?

A) Prospect's age.
B) Product design.
C) All of these.
D) Prospect's health status.



Answer :

GinnyAnswer

Final answer:

Long-term care insurance premiums are determined by multiple factors such as age, product design, and health status, impacting the cost of coverage.


Explanation:

Long-term care insurance premiums are developed based on multiple factors including the prospect's age, product design, and the prospect's health status.

For example, younger individuals may pay lower premiums, while those with pre-existing health conditions may have higher premiums due to increased risk.

Understanding these factors is crucial for insurance companies to calculate actuarially fair premiums that reflect the expected costs and risks associated with providing coverage.


Learn more about Factors influencing long-term care insurance premiums here:

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