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HRM 200 Practice Exam Questions with 100% Correct Answers

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HRM 200 Practice Exam Questions with 100% Correct Answers Define group life insurance - Answer-life insurance provided at lower rates for all employees, including new employees, regardless of health or physical condition Define accidental death and dismemberment coverage - Answer-employer-pa...

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  • January 5, 2025
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • hrm 200
  • hrm 200 practice exam
  • hrm 200 practice exam questions
  • define group life insurance

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  • HRM 200
  • HRM 200

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HRM 200 Practice Exam Questions
with 100% Correct Answers

Define group life insurance - Answer-life insurance provided at lower rates for all
employees, including new employees, regardless of health or physical condition

Define accidental death and dismemberment coverage - Answer-employer-paid benefit
that provides a fixed lump-sum benefit in addition to life insurance benefits when death
is accidental or a range of benefits in case of accidental loss of limbs or sight

Define critical illness insurance - Answer-the benefit that provides a lump-sum benefit to
an employee who is diagnosed with and survives a life-threatening illness

Define deductible - Answer-the annual amount of health/dental expenses that an
employee must pay before insurance benefits will be paid

Define coinsurance - Answer-the percentage of expenses (in excess of the deductible)
that are paid for by the insurance plan

Approaches to reducing health-benefit costs: - Answer-- increase the amount of
healthcare costs paid by employees

- restricted list of drugs

- health promotion

- risk-assessment

- healthcare spending accounts (HCSA)

Define short-term disability plans (salary continuation plans) - Answer-plans that provide
pay to an employee when he or she is unable to work because of a non-work-related
illness or injury

define sick leave - Answer-provides pay to an employee when he or she is out of work
because of illness; often gets out of control because employers don't measure it—
employer should first have a system in place for monitoring sick leaves and for
measuring their financial impact

,define disability management - Answer-a proactive, employer-centred process that
coordinates the activities of the employer, the insurance company, and healthcare
providers in an effort to minimize the impact of injury, disability, or disease on a worker's
capacity to successfully perform his or her job

effective disability programs: - Answer-- prevention
- early assessment and intervention regarding employee health problems
- monitoring and management of employee absences
- early and safe return-to-work policies

3 common approaches to returning worker w/ disability to work: - Answer-- reduced
work hours
- reduced work duties
- workstation modification; must evaluate physical capabilities of the worker first

define pension plans - Answer-plans that provide income when employees reach a
predetermined retirement age

sabbaticals - Answer-a few employers provide sabbatical leaves for employees who
want time off to rejuvenate or to pursue a personal goal

define defined benefit pension plan - Answer-a plan that contains a formula for
determining retirement benefits; actual benefits to be received are defined ahead of time

define defined contribution pension plan - Answer-a plan in which the employer's
contribution to the employees' retirement fund is specified

group registered retirement savings plan (RRSP) - Answer-employees can have a
portion of their compensation put into an RRSP by the employer

define deferred profit-sharing plan (DPSP) - Answer-a plan in which a certain amount of
company profits is credited to each employee's account, payable at retirement,
termination or death

when designing a pension plan, there are many legal and policy issues to consider: -
Answer-- membership requirements: what min # of yrs are employees eligible to join
plan?

- benefit formula (defined benefit plans only): ties pension to employees final earnings

- retirement age: mandatory retirement is prohibited by human rights laws now

- funding: contributory—made by employees/employers; non-contributory—only
employer

, define vesting - Answer-a provision that employer money placed in a pension fund
cannot be forfeited for any reason

define portability - Answer-a provision that employees who change jobs can transfer the
lump-sum value of the person they have earned to a locked-in RRSP or their new
employer's pension plan

define phased retirement - Answer-an arrangement whereby employees gradually ease
into retirement by using reduced workdays or shortened workweeks

define supplemental employee retirement plans (SERPs) - Answer-plans that provide
the additional pension benefit required for employees to receive their full pension benefit
in cases where their full pension benefit exceeds the maximum allowable benefit under
the Income Tax Act

define flex time - Answer-a work schedule in which employees' workdays are built
around a core of midday hours, and employees determine, within limits, what other
hours they will work

define compressed workweeks - Answer-schedule in which employee works fewer but
longer days each week

define job sharing - Answer-allows 2 or more people to share a single full-time job; can
be useful for retirement aged employees; allows them to reduce their hours while the
company retains their expertise

define work sharing - Answer-a temporary reduction i work hours by a group of
employees during economic downturns as a way to prevent layoffs

credit unions - Answer-usually separated business established with the assistance of
the employer

counselling services: - Answer-- financial counselling (overcoming debt problems)

- family counselling (marital problems)

- career counselling (helping terminated employees find new jobs)

- job placement counselling (deciding on career based off one's aptitude)

- pre-retirement counselling (preparing retiring employees for retirement)

- legal counselling (services through legal insurance plans)

define employee assistant plans (EAPs) - Answer-a company-sponsored program to
help employees cope with personal problems that are interfering with or have the

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