Cebs gba 1 - Study guides, Class notes & Summaries

CEBS: GBA/RPA 3 (new curriculum) latest update 100% pass ERISA Employee Retirement Income Security Act 1974 SOC Reports Service Organization Controls: for external vendors SOC 1 Internal Controls & Financial reports; used by auditors SOC 2 Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 Same as SOC2, but available for public use. Tribble V Edison Landmark court case re fiduciary responsibility pe...

Broad view of Employee Benefits - Answer- This view sees employee benefits as virtually any form of compensation other than direct wages. Components of the Broad view of Employee Benefits - Answer- 1. 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 medical ...

1.1 Distinguish between the broad view and the narrow view of employee benefits - ANSWER The broad view defines employee benefits as anything other than direct compensation, including both government-mandated benefits and private plans. (social security, pension plans etc.). The narrow view holds that employee benefits are any benefit sponsored unilaterally or jointly by employers and employees that is not subsidized by the government. 1.2 List the categories of benefits that generall...

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CEBS - GBA 1 - Practice Exam Questions And Answers.

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CEBS GBA 1 PRACTICE EXAM ACTUAL QUESTIONS (2022) WITH CORRECT 200+ QUESTIONS AND ANSWERS GOOD SCORE IS GUARANTEED GRADE A+

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? - 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? - It is a mathematical process that removes anomalies that should not appear in the mort...

A prescription drug rebate occurs when: - ANSWERThere is an agreement between a pharmacy benefit manager and a drug manufacturer. The concept designed to make victims of losses whole again reflect the principle of: - ANSWERIndemnification A healthcare plan that has no restrictions on a member's choice of provider, no "steerage," and no basic utilization management is known as: - ANSWERIndemnity plan The legislation that plays a fundamentally important role in protecting sensiti...

CEBS GBA 1 Practice Exam Questions (2022) A prescription drug rebate occurs when: - ANSWER-There is an agreement between a pharmacy benefit manager and a drug manufacturer. The concept designed to make victims of losses whole again reflect the principle of: - ANSWER-Indemnification The design of any employee benefit plan should start with deciding: - ANSWER-What are the overall objectives of the plan. A peril as the term applies to the insurance mechanism is defined as: - ANSWER-Th...

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