It is to be noted that an individual long term care insurance that pays a daily maximum of $120 daily maximum benefit if confined to a nursing home is a specialized life insurance cover.
Specialty insurance policies are designed expressly for organizations or individuals that require specialized coverage.
These accounts may include high-risk holdings or items that are not typically covered by normal company insurance policies.
In this particular scenario, a person committed to a nursing home may be permanently disabled. Because they are in a nursing home, the circumstance is even more rare, therefore "special."
Because this type of insurance will cover the policyholder's daily expenses up to a maximum of $120, we may safely call it specialized or personalized life/benefit insurance.