Benefit Trigger

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Benefit Trigger

Any event that causes a pension or annuity to start making payments to a beneficiary. Retirement and the attainment of a certain age are common benefit triggers.
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This means if a patient is insured, his temptation to avail medical benefit triggers which ultimately leads him to make fake bills.
Note that these revised standards provide the option for an insurance company to include benefit triggers for temporary claims, but the standards do not require a company to do so.
From this point, there are different types of benefit triggers, payment mechanisms and enhancing features that may apply depending upon the type of product and the client's needs.
The LTC riders have benefit triggers familiar to those who sell LTC insurance (tax code 7702B), and the advisors also must have LTC CE training.
In this act, the traditional definitions for defining the six ADLs (activities of daily living) and/or Alzheimer's benefit triggers were standardized.
In the world of modern private long-term care insurance, benefits are payable when one of two sets of benefit triggers is met.
Benefit Triggers Nonqualified Trigger * Trigger" Contracts Qualified Contracts Activities Inability to perform Inability to perform Of Daily 2 of 5 ADLs.
CLASS is a federally mandated program in which employed people who do not opt out may prepay for cash LTC benefits without underwriting and with their "premiums," benefits, and benefit triggers determined solely by the Secretary of Health and Human Services based on the program's future actuarial solvency.
Cash products pay eligible insureds cash based on standard benefit triggers, versus the standard model of reimbursing paid services.
Two of the main differences between these two types of policies are the income taxation of the premium and the benefits and the benefit triggers, as discussed earlier in the chapter.
Stinson said today's benefit triggers and underwriting evolved together over the past three decades.
Companies incorrectly compare these two different types of policies, forgetting that the LTCI benefit triggers and the duration of these claims at older ages are much shorter than DI claims at younger ages.