What is the difference between 'indemnity' and 'expense incurred' long term care insurance?
A "per diem" or "indemnity" long term care insurance policy will pay up to a fixed amount of benefits.
An "expense-incurred" long term care insurance policy allows you to choose the benefit amount when you buy the policy. It reimburses you for actual expenses incurred, up to a fixed amount per day, per week, or per month.
Note that no policy will pay unlimited benefits.
An indemnity long term care (LTC) insurance pays a specific daily amount based on your policy, supposed you get an indemnity ltci with benefits amount of $300/daily for a benefit period of 3 years, and you require long term care later, let's say your daily ltc expenses is $150, you will still get $300 regardless of your daily ltc expense, you have the freedom to decide where you are going to spend the excess $150. This is fixed for 3 years, depending on the benefit period you choose. So if after three years, you still need care, you will have to pay the cost out of your pocket
An expense incurred ltci reimburesed you with exact amount for your care. Supposed you bought an expense incurred ltci with daily benefit of $200 for 3 years and your daily ltc expenses is $100, you will be reimbursed with $100 and the excess will be kept as a savings so you can extend your benefit period. If after three years you still need long term care, since you saved $100 from your benefit amount, the insurance company will cntinue paying for your expenses even if you only bought a 3 year benefit period policy, until your savings are all spent.
When indemnity (often called short-term) insurance contracts are concluded the insured is entitled to recover the actual commercial value of what he has lost through the happening of the insured event, be such event damage to property, fire, theft, public liability or marine insurance. In non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured… Read More
Indemnity plans do not have to pay the hospital or doctor. Indemnity plans are designed to indemnify either the insured or the provider. That means if you have services that cost 20,000.00 dollars and you opt for the insurance company to pay you they will make the check payable to you. You can then negotiate with the provider for a better deal and keep the difference in cash. You can look at available indemnity plans… Read More
Indemnity, indemnify (as I understand it) is protection from loss, and to make whole, after a loss has been sustained. On Behalf of would be the person the sum is being paid for/in your stead/representing you/in stead of you. Your insurance company made payment to the injured/damaged property that you were responsible for, thus indemnifying them, on your behalf, (rather than you paying it yourself). Read More
difference of motor and marine insurance Read More
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my ans is that guarantee is to a set of the trust of some one . Read More
The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all… Read More
What is the difference between general liability insurance and Truckers general liability insurance?
There is no difference. Read More
individual insurance is for you, business insurance is for your business Read More
Inflow of money is income . Outflow of money is expenditure Read More
the difference between a warranty and insurance, is a warranty is when you can return it to either get another or to just return it. insurance is when you have coverage over the object or living being. Read More
Health care is the care provided to you by doctors, clinicians, hospitals, etc. Health insurance is a method of paying for that health care. An insurance carrier develops a health insurance plan that covers certain costs incurred by a patient on that plan. The patient is called a plan member. The plan member is charged a monthly premium for that plan. Read More
What is the Difference between professional indemnity insurance and professional liability insurance?
The terms professional indemnity (PI) and professional/public liability (PL) differ in that PI covers for errors, omissions and neglect regarding advice, designs or plans that you put forward that lead to a financial loss or injury to your client. PL covers the public against any injury that is caused during the process of your day. For example a builder that accidental drops a brick and it breaks a member of the public's foot - PL… Read More
the difference between a proposer and the insured is that a proposer is a person or an entity who is seeking insurance and an insuerd is someone or an entity covered by an insurance policy Read More
The difference between indirect and direct quote life insurance is that the insurance level will differ. Direct is when someone dies, indirect involves other factors. Read More
your not covered for damages Read More
There isn't a real difference between life annuity and an insurance annuity. Both are a form of life insurance and deal with the same issues. I would go with either one. Read More
Usually the only difference between accidental death life insurance and regular life insurance is the name, although sometimes an accidental death life insurance will pay out more money if the death is accidental. Read More
The main difference between children's and adults health insurance is that children may be eligible for low- or no-cost insurance through Medicaid or the Children's Health Insurance Program. Read More
value is the market price of an item cost in the expense incurred to obtain an item Read More
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period. Read More
There is no difference. These are just two different terms referring to the same thing. Read More
Homeowners insurance is often referred to as Hazard Insurance. They are the same thing. Read More
No difference. It's the same thing Read More
LIC Read More
The key difference between life insurance and whole life insurance is that regular life insurance carries a fixed term while whole life insurance covers one's entire lifetime. Whole life insurance also accumulates a cash value that one can borrow money against. Read More
difference between third party liability and public liability Read More
Difference between h03 and h05 home owners insurance? Read More
The difference between American and European auto insurance is that in America it is paid monthly, where in Europe they have payments usually every few months instead. Read More
The difference between whole and life term insurance is that a term policy is life insurance only whereas the whole insurance combines a term policy and a investment component so one can build cash value and borrow against it. Read More
The concept of indemnification denotes an attempt to â€œmake wholeâ€ which is actually almost never a real possibility due to a myriad of factors the primary of which is in sentimentally attached values, these are not real values but rather a perceived value based on emotional attachments. Compensation is an as stated. " Compensation" It is more general and usually represents an agreed amount or an amount legally acceptable or required. Read More
The agency is the business and the agent is a person. Read More
Also known as the Reinstatement Cover and the Indemnity cover, the reinstatement cover means that the insurers will pay to replace the item with a new one which is equal to but not better than the item lost or damaged. This is usually the basis of cover under the Event Assured "all risks" cover, provide the sum insured represent the full replacement cost. Indemnity basis means that the insurance will only pay for the second… Read More
There's quite a difference between Life Insurance and Health Insurance, and it's important to know what you pay for and what you get. Sometimes you see life insurance and health insurance lumped together because of the fact that they both insure the person (rather than the car, the house, etc). The difference is that if you insure your health, with health insurance, then if you become ill then the insurance company pays for your medical… Read More
Privilege insurance is not the same as life insurance. To receive a better understanding of the difference between the two, it is best to contact an insurance agent. Read More
Obsolence cost is that cost which is incurred by company due to obsolence of any assets of business while deteroration cost is the cost which is incurred by small deteroration of any asset of business. Read More
Basically both are same. Even technically they are called insurance policy bonds also. Read More
A guarentee is a general term meaning: A promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service. Indemnity is a little more specific and mostly refers to insurance, where one party "indemnifies" someone against loss caused by the conduct of the promisor or a third party. An Indeminity & Guarantee is a contract to indemnify one party against the consequences of any legal… Read More
marine insurance Read More
Essentially they are the same Read More
The terms are interchangeable. Read More
There is no difference between second hand caravan insurance and first hand caravan insurance. Thus you can get the insurance from any insurance company that supplies caravan insurance. Read More
They're basically the same thing. Health insurance is an insurance plan that pays medical bills. Read More
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FDD insurance is normally using in shipping insurance sectors. FDD is an abbreviation of 'Freight Demurrage And Defence' Read More
Income is the sum of all monies coming into the company. Profit is the income less the expenses incurred by the company. Read More
Expenses which are incurred for the selling of product is called Selling Expenses while expenses incurred on administration of general day to day tasks are called administration expenses Read More
Two different companies may offer different home insurance packages for their employees. The difference between such packages is determined by the revenue of the company in question and the value of the employee for the company. Read More