Continuing Care Retirement Community

Definition of "Continuing care retirement community"

Retirement center with a focus on group living arrangements for senior citizens. The center has separate apartments for each resident as well as an on-site nursing facility. Generally, these centers are quite expensive; they require monthly fees as well as a one-time payment (entrance fee). The monthly fee entitles the inhabitant to an apartment, one to three meals a day (depending on the facility), maid service (in some facilities), medical service (if needed), and nursing home care (also, if needed).

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Periodic payments to an annuitant. ...

Observance of an event occurring on a repeated basis that leads one to believe that a certain probability is attached to the occurrence of that event. For example, if there are a red ball ...

State law that stipulates that goodwill as an admitted asset cannot be greater than 10% of adjusted surplus. ...

Prepaid legal insurance coverage plan sold on a group basis. Entitles a group member to a schedule of benefits, at a stipulated premium, for adoptions, probates, divorces, and other legal ...

Clause in a property insurance policy that requires the insurance coverage in that policy to be allocated in the proportion that it bears to the total insurance coverage in force from all ...

Provision in many property insurance policies that allows an insured to pick coverage for selected perils. The choices are explosion; explosion, riot and civil commotion; explosion, riot ...

Dividends paid historically, currently, and projected. ...

Type of pension plan in which the employer (if noncontributory plan) or the employer and employee (if contributory plan) make level annual premium payments to fund the future retirement ...

Trade association of surplus lines agents and insurers. ...

Popular Insurance Questions