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CEBS GBA - Module 1 /Questions And Answers Download To Pass!!!
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CEBS GBA - Module 1 /Questions And AnswersDownload To Pass!!!
Quiz :Fringe Benefits - Answer :Addition of benefits as an offset to higher labor
Quiz :Broad View - Answer :"Virtually any form of compensation other than
direct wages"
Quiz :Limited (Narrow) View - Answer :Benefits that stem from an
employment relationship, not underwritten or paid for directly by the
government
Quiz :Reasons for growth in Employee Benefit Plans - Answer :Business, tax
legislation, collective bargaining, efficiency of the approach
Quiz :Labor Management Relations Act (Taft Hartley Act) -
Answer :Administered by the NLRB, requires good faith bargaining between
employers and employees in the matters of hours, wages, and working
conditions.
Quiz :Effect of the Industrial Revolution - Answer :Employees started moving
to employers in Cities, the grouping of employees made it easier to cover all
employees under one contract. Employer benefits are convenient and simple.
Quiz :Effect of World War II - Answer :Wages were limited due to the
government, employee benefits were deemed as compensation.
Quiz :Group Technique - Answer :Only certain groups are eligible (a specific
company's employees), steady flow of lives (cost increases as age increases),
minimum number of lives.
Quiz :Functional Approach - Answer :Organized system for analyzing
audience, participants exposure to risk, focused on employee needs, reducing
company loss, and being thoughtful of cost parameters, originated in 1967 by
George C. Foust.
Quiz :Risk - Answer :Uncertainty when thinking in terms of a 'loss' (Loss
referring to the insurance of a decrease in value). Eg. Illness, death, disability,
unemployment, cost of medical bills .
, Quiz :Peril - Answer :The cause of personal/property loss, destruction, or
damage.
Quiz :Hazard - Answer :A condition that increases the probability of a peril
occurring or that can increase the loss in the event of a peril.
Quiz :Physical Hazard - Answer :The presence of flammable materials in
absence of extinguishers, machines without safety mechanisms, faulty
heating/air conditioner units.
Quiz :Moral Hazard - Answer :Dishonest, unethical, and immoral people -
those who steal/damage company property; file fraudulent medical claims,
abuse sick time, falsify pay records or expenses
Quiz :Morale Hazard - Answer :Those that arise through a person acting
careless. It can also include the act of not securing items of value; failing to
notify employees of hazards, etc.
Quiz :Pure Risk - Answer :Either risk will happen, or will not happen. These
types of risks can be insured. Eg. sickness, accident, unemployment, disability,
theft of property, etc.
Quiz :Speculative Risk - Answer :Either loss, no loss, or gain. Eg. Purchases of
stock, new business ventures, gambling. In each, one could lose, break even, or
gain.
Quiz :Personal Risk - Answer :The most important risk in employee benefits.
Includes death, illness, accidents, unemployment, and old age. Can be
measured with some degree of accuracy. Potential loss can be estimated
through estimates of such factors as medical costs.
Quiz :Property Risk - Answer :Risk of uncertainty that leads to decrease in
value of real personal property. Includes fire, flood, earthquake, wind, theft,
auto collision. Types of property include home, furniture, cars, jewelry.
Quiz :Legal Liability Risk - Answer :A loss resulting from negligent acts of a
person resulting in injury to another person. Stems from an injured plaintiff
seeking damages.
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