HI Critical Illness and Long-Term Care Insurance 2

Question 1

CareShield Life, launched in Singapore in September 2020, provides monthly payouts when the insured is unable to perform at least how many of the 6 Activities of Daily Living (ADLs)?

Accepted Answer

3

Answer

1

Answer

2

Answer

4

Question 2

Which six Activities of Daily Living (ADLs) are assessed for CareShield Life disability claims in Singapore?

Accepted Answer

Washing, dressing, feeding, toileting, mobility, and transferring

Answer

Reading, writing, speaking, walking, eating, and bathing

Answer

Cooking, cleaning, shopping, banking, driving, and self-medication

Answer

Working, exercising, socialising, sleeping, grooming, and eating

Question 3

ElderShield, the predecessor to CareShield Life in Singapore, provided a monthly disability benefit of up to how many months?

Accepted Answer

72 months

Answer

36 months

Answer

60 months

Answer

For life

Question 4

Which body in Singapore is responsible for issuing standardised definitions for critical illness terms used by all life insurers?

Accepted Answer

Life Insurance Association (LIA) Singapore

Answer

Ministry of Health (MOH)

Answer

Monetary Authority of Singapore (MAS)

Answer

Central Provident Fund (CPF) Board

Question 5

A 45-year-old policyholder in Singapore has a standard critical illness policy (without an early-stage rider) and is diagnosed with early-stage (Stage I) breast cancer. When would she receive a CI payout?

Accepted Answer

Only when the cancer progresses to a more advanced or invasive severe stage

Answer

Immediately upon biopsy confirmation of any malignancy

Answer

After completing at least one cycle of chemotherapy or radiotherapy

Answer

Within 30 days of the first documented medical consultation

Question 6

What is the key difference between a term critical illness policy and a whole life critical illness policy in Singapore?

Accepted Answer

Term CI provides coverage for a fixed period, while whole life CI covers the insured for their entire life

Answer

Term CI covers more conditions than whole life CI under the LIA framework

Answer

Term CI always pays a higher benefit amount than whole life CI policies

Answer

Term CI can only be purchased as a rider and not as a standalone policy

Question 7

In Singapore disability income insurance, what does the 'elimination period' (also called the waiting or deferred period) refer to?

Accepted Answer

The minimum period the insured must be disabled before monthly benefit payments begin

Answer

The initial period during which pre-existing conditions are excluded from coverage

Answer

The time an insurer has to process and settle a disability income claim

Answer

The period after which the policy automatically expires if no claim is made