Cebs gba 1 stuvia - Study guides, Class notes & Summaries

Employee Benefits - ANSWERAll forms of financial returns and tangible services and benefits employees receive as apart of an employee relationship Broad View of Employee Benefits - ANSWERVirtually any form of compensation other than direct wages, including: 1. Employer's share of legally required payments (Social security and medicare, unemployment insurance and worker's compensation benefits) 2. Payment for time not worked (paid rest periods, paid sick leave, paid vacations, holida...

Briefly summarize the methods that can be used for handling risk (39-42) - ANSWER1) avoidance : Avoidance means that you avoid the risk altogether. You can't break your leg skiing if you don't go skiing 2) Control: Reducing the risk of something.. ex: reducing your risk of a heart attack by giving up smoking 3) Retention: Retention is the risk is assumed and paid for by the person suffering the loss or taking responsibility for the loss 4) Transfer: Concept in which one switches the financ...

CEBS - GBA 1 - Practice Exam Questions and Answers Which of the following statements correctly describes minimum requirements that group benefit plans typically must meet in order to be prospectively rated on contract renewal? - ANSWER-The more unpredictable the event that will trigger a claim, the larger the minimum group size and premium requirements Which of the following statements correctly describes the term graduation as it applies to mortality tables? - ANSWER-It is a mathematical...

1. Dental Plan Design Features - ANSWERThree factors that affect the cost of a dental plan include: 1. The design of the plan 2. Characteristics of the covered group 3. The employer's approach to plan implementation 10 categories of dental treatments - ANSWER1. Diagnostic- routine oral exams & x-rays to determine the existence all disease & evaluate the condition of an individual's mouth 2. Preventative - procedures to preserve & maintain dental health including cleaning, space main...

Broad view of Employee Benefits - ANSWERThis view sees employee benefits as virtually any form of compensation other than direct wages. Components of the Broad view of Employee Benefits - ANSWER1. Employer's share of legally required payments (Social Security and Medicare, unemployment insurance, and worker's compensation benefits) 2. Payments for time not worked (e.g. paid rest periods, paid sick leave, paid vacations, holidays, parental leave, etc). 3. Employer's share of medica...

3 Types of Hazard - ANSWER1. Physical 2. Moral 3. Morale Advantages of Using Insurance for EE Benefit Plan - ANSWER1. Known premium (control over budget) 2. Outside administration (disputes handled by insurance company) 3. Financial backing (employees may prefer outside funding) 4. Cost management 5. Economy (insurance company can do the job more efficiently and at a lower cost) Adverse Selection - ANSWERExists when individuals who have higher than average risks join a group because...

Broad View of Employee Benefits - ANSWERAny form of compensation other than direct wages Narrow View of Employee Benefits - ANSWERAny type of plan sponsored or initiated, unilaterally or jointly, by employers and employees engaged in providing benefits that result from the employment relationship Categories of Benefits under the Broad View - ANSWER(a) Legally required benefits. (b) Payments for time not worked. (c) Employer's share of medical benefits. (d) Employer's share of reti...

Broad view of Employee Benefits (Mod 1.1) - ANSWERSConsiders Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - ANSWERSAny type of plan sponsored or initiated by Employees and Employers and engaged in providing benefits that result from the employment relationship an...

Which of the following statements correctly describes minimum requirements that group benefit plans typically must meet in order to be prospectively rated on contract renewal? - ANSWERSThe more unpredictable the event that will trigger a claim, the larger the minimum group size and premium requirements Which of the following statements correctly describes the term graduation as it applies to mortality tables? - ANSWERSIt is a mathematical process that removes anomalies that should not appear ...