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CEBS QUESTIONS AND ANSWERS GRADED A+
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Exam of 3 pages for the course CEBS - Certified Employee Benefits Specialist at CEBS - Certified Employee Benefits Specialist (CEBS)
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CEBSBroad - answer View of employee benefits that benefit includes virtually any form of compensation except direct wages (including Social Security, Medicaid, Unemployment,
W.C).
Three-legged stool of economic security - answer Benefits provided by the government, by employers and by the individual which underlies the foundation of financial security
Narrow - answer Any type of plan sponsored or initiated unilaterally or jointly by employers and employees in providing benefits that stem from the employment relationship (not underwritten or paid for directly by government.
Inland Steel v NLRB - answer 1948 court case that upheld that the meaning of the term wages includes pension plans.
W.W. Cross v NLRB - answer 1949 court case that stated that good faith bargaining requirements include group health and accident plans.
Group technique - answer Concepts that allow insurance prgrams to be written as employee benefit plans - individual eligibility requirements are not required.
Characteristics of group technique - answer Only certain groups eligible, steady flow of lives through group, minimum number of persons in a group, minimum portion of group must participate, eligibility requirements, maximim limits for any one person, automatic determination of benefits, central and efficient administrative agency.
Functional - answer Approach to employee benefit design which requires a systematic method of analysis to an employer's total employee benefits program to evaluate employee's needs and manage loss.
Risk - answer Uncertainty with respect to possible loss. The inability to determine a future loss and to figure out how expensive it will be should the loss take place.
Loss - answer Any decrease in value suffered.
Peril - answer Cause of personal or property loss, destruction or damage (i.e. fires, floods, earthquakes, theft etc)
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