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FAQ

Suitability Report means the letter provided to a customer giving the reasons why the Partnership/LAB had concluded that the recommended transaction was suitable for that customer.

To receive long term care insurance benefits, you must be chronically ill. You're considered chronically ill if you're unable to do at least two activities of daily living without substantial assistance for at least 90 days, or you need substantial supervision because you have a severe cognitive impairment.

To inform the applicant that the insurer is questioning the suitability of the applied-for policy, briefly explaining why, and asking the applicant to advise the insurer on whether it should proceed with the underwriting and issue process.

This document will explain why certain products have been recommended to you and point out the pros, cons, and risks associated with each option. The suitability letter should also contain details of the costs involved, including adviser charges, as well as the next steps.

This document details to the client why the product selected is the most suitable for the client at that particular time, given their particular circumstances and their plans.

From a best practice perspective, we suggest issuing the report before your recommendations are implemented. This demonstrates that your clients are being treated fairly and have plenty of time to consider the advice and change their mind if they want to.

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Long-Term Care Insurance Suitability Letter. Insurance professionals must provide applicants with the educational piece and complete the worksheet with the applicant.LTC Suitability Letter. §4H-231 Suitability. (a) This section shall not apply to life insurance policies that accelerate benefits for long-term care. Term care insurance policy or certificate, if it provides for home health or community care services, shall provide total home health or community care. "Incidental," as used in Sections 20J and 20. Suitability. 0212. Prohibition against preexisting conditions and probationary periods in replacement policies or certificates. 023. In other cases, an applicant does not meet the standards because of limited income or assets, but family members intend to pay some or the entire premium. The purpose of 211 CMR 65.

Texas Long-Term Care Insurance Suitability Letter

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What is a suitability report?

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