Custom insurance design allows selection of insurance details without
restriction. Because custom insurance design allows entry of details which do
not comply with standard insurance company policy designs, premiums must be
manually entered if you select this option.
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Standard/Custom |
Allows the selection of standard or customer insurance
design. If you change from standard to custom, the field value
restrictions in this section are removed, and some new fields will appear.
If you change from custom to standard, fields which are outside the valid
range for standard insurance design will be set to conforming values, and
variables not included in standard design will be reset. Back
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Deductible Days |
The number of days during the first benefit year for which
no benefits will be paid by insurance. The deductible days are added to
the end of the benefit period, if needed, so that maximum benefit days are
not reduced by the deductible days. Back
to screen |
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Daily Benefits |
The maximum amount that insurance will pay for a day of
care. Back
to screen |
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Benefit Period |
The maximum number of years for which benefits will be paid.
Back
to screen |
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Inflation Type |
Select for benefits to be increased by simple inflation, compound inflation, or not at all. Back
to screen |
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Inflation Rate |
The rate of inflation by which benefits will be
increased. Back
to screen |
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Survivor Benefit |
The survivor benefit option indicates that premium for
second insured ceases at the death of the first insured. Back
to screen |
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Premium Value |
The annual premium to be paid for each insured. In standard
insurance design, this value is automatically calculated. You can override
the automatic calculation by entering a premium amount here. Back
to screen |
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To Insured #1 Age |
Limited Premium: Premium payment for both insured ceases
when Insured #1 has reached the specified age. Back
to screen |
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Years Payment/
Single Premium |
Limited Premium: Premium payment is made for the specified
number of years. Checking Single Premium simply sets Years
Payment to 1. Back
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Reimbursement/
Indemnity |
A reimbursement policy pays covered costs up to the Daily
Benefits amount. An indemnity policy pays the Daily Benefits
amount even if actual covered costs are less. In either case, if costs
exceed the Daily Benefits amount, no additional benefit is
paid. Back
to screen |
