A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Purpose

10/14/2011

The purpose of this project is to provide general background on LTC underwriting practice in the private insurance sector and to obtain a profile of individuals applying for private LTC insurance policies who have not been able to purchase policies due to their health status. More specifically we intend to do the following:

  1. Describe in general terms underwriting practices in the LTC insurance industry.
  2. Estimate underwriting rejection rates by specific age classes across the major LTC insurance carriers;
  3. Identify the primary reasons why individuals are not accepted into the risk pool and develop a distribution based on these reasons. More specifically, we will focus on primary diagnoses, cognitive status, and functional status;
  4. Understand the relationship between age, gender, marital status and the reasons for decline in order to identify how underwriting declination distributions look for individuals in these various sub-groups.
  5. Compare the profile of individuals not able to purchase LTC insurance due to health reasons to new purchasers in terms of age, gender and marital status.

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