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Title: Markov Chain Applications part 2
Description: This note is for master's or bachelor's students to learn about Markov chain application part 2. It is as straightforward as possible, following part 1.
Description: This note is for master's or bachelor's students to learn about Markov chain application part 2. It is as straightforward as possible, following part 1.
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Markov Chain Applications – Part 2 (Feb 16)
Critical Illness and Chronic Illness Insurance
1
...
2
...
The
policy terminates upon payment of the lump sum; only one occurrence is covered
...
Chronic illness insurance pays a lump sum benefit upon an illness severe enough that one cannot
perform 2 or more ADLs
...
• Both types of insurance may be offered as an accelerated death benefit rider on a whole life
insurance policy
...
The benefit may also be
paid as an annuity
...
4
...
If the person had a chronic illness, then the death benefit is smaller
...
If the chronic illness is an additional benefit and the full-face amount is paid on death regardless, the state
3 is not needed and instead there can be an arrow from state 1 to state 2
...
Features
a
...
They may offer
housing-keeping, transportation to shopping, and similar services
...
Assisted living units (ALUs), that provide more extensive non-medical help
...
A skilled nursing facility (SKF) for those needing medical care
...
A memory care units (MCU) for residents with dementia
...
Funding can come from:
Type
Entry fee
Monthly payment
A (full life care)
large
Guaranteed only increasing All
costs
with cost of living adjustments
...
B (modified life care)
lower
C (fee for service)
CCRC
assumes:
the risk of
Increasing if the resident moves Increases are less the costs
of higher
to the ALU, MCU, SNF
...
level care
...
are
2
...
Tips: CCRCs allow the money to flow in the opposite directions at the same time
...
Structured settlements are commonly used in Workers Compensation Insurance (workers comp for
short), an insurance purchased by an employer to pay benefits to workers injured on the job, and
also commonly used in medical malpractice and motor vehicle accidents
...
Notes:
a
...
b
...
c
...
The settlement is finalized only when the extent of the injury and recovery is clarified
...
Top-down approach begins with lump sum, then determines annual payments; bottom-up
approach starts with needed income and then determines EPV of payments
...
e
...
Such buy-outs are heavily regulated
in U
...
, if not outright forbidden
...
f
...
Title: Markov Chain Applications part 2
Description: This note is for master's or bachelor's students to learn about Markov chain application part 2. It is as straightforward as possible, following part 1.
Description: This note is for master's or bachelor's students to learn about Markov chain application part 2. It is as straightforward as possible, following part 1.