Continuing Care Facilities
Underwriting Manuals
Standard Exceptions
Bulletins
- No references available.
Forms
- No references available.
Table of Contents
CCF
Continuing Care Facilities
Residents of continuing care facilities typically pay a large entrance fee for the right to occupy the facility and to be taken care of for life or over 1 year. The entrance fee may be secured by a statutory lien in some states, or by an equitable lien in others (like an implied vendee’s lien).
Exceptions
CCFX01
STG
12/01/1995
V
2
Rights of Residents
Rights of residents, members or patients under applicable agreements, contracts or law, including any statutory or equitable lien or reimbursement rights of such residents, members or patients in connection with such agreements, contracts or applicable law.
Comment: Use this broad exception if the Company insures a retirement or continuing care facility, unless you verify, by review of the occupancy agreement forms, that residents do not have a right to buy the land. In that event you may use the alternative exception.
Comment: Use this broad exception if the Company insures a retirement or continuing care facility, unless you verify, by review of the occupancy agreement forms, that residents do not have a right to buy the land. In that event you may use the alternative exception.
See Underwriting Manual
CCFX02
STG
12/01/1995
V
2
Rights of Residents (No Option)
Rights of residents, members or patients (excluding options to purchase the land or rights of first refusal) under applicable agreements, contracts or law, including any statutory or equitable lien or reimbursement rights of such residents, members or patients in connection with such agreements, contracts or applicable law.
Comment: Use this exception if the Company insures a retirement or continuing care facility, and if you review the occupancy agreement forms to verify that residents do not have a right to buy the land.
Comment: Use this exception if the Company insures a retirement or continuing care facility, and if you review the occupancy agreement forms to verify that residents do not have a right to buy the land.