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Question $29$

Why are premiums for long$-$term care insurance much higher than the expected benefits?

Administrative and marketing costs are high because long$-$term care insurance is sold primarily to individuals rather than to employer groups.

O$.$ Insurers are concerned with adverse selection$-$only those who need long$-$term care insurance will buy it$.$

Insurers are concerned that, once people have long$-$term care insurance, they will use it$.$ All of the above

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