Exam (elaborations)
CEBS - GBA 1 - Module 2
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- CEBS - GBA 1 - Module 2
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- CEBS - GBA 1 - Module 2
CEBS - GBA 1 - Module 2
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CEBS - GBA 1 - Module 2Benefit plan management - -The activities of plan design, plan
administration, and plan funding
-Single-employer plan - -Plans with the most prevalent type of plan sponsor
-Multi-employer plan (MEP) - -Plans covering employees working under the
terms of a collective agreement
-Association plan - -Plans offered to employers in the same industry or type
of business or to individuals in the same profession
-Creditor plan - -Plans available to individuals to insure their outstanding
debt (eg mortgages, lines of credit)
-Funding sources - -The amount of money available to the plan to provide
benefits to plan members and cover the costs of administering the plan
-Funding arrangements - -Determination of who assumes the financial
liability of paying claims and expenses and whether to insure or self-insure
benefits
-Underwriting - -The process by which the insurer evaluates the risk of the
plan, makes decisions about its acceptability for insurance, establishes
premium rating basis and prices plan accordingly
-MEP trust fund - -Mechanism to receive contributions from participating
employers and to pay benefits to members and/or to pay insurance
premiums on their behalf
-MEP trust agreement - -A document that establishes the terms and
conditions for management of a trust and empowers trustees to make
decisions related to trust operations
-MEP participation agreement - -The document used in a MEP arrangement
for employers not bound by the collective agreement/when the collective
agreement does not specify particular contributions to the trust fund
-Insurance solvency - -A regulatory requirement for financial soundness
-Insurer's market conduct - -Regulatory requirements addressing
incorporation, governance, and investment management
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