CEBS - GBA Exam Bundle

CEBS-GBA 2, Module 10 Questions with correct Answers

Risk - Answer- Uncertainty with respect to possible loss. Refers to inability to determine actual number & value of claims a benefit plan will have to meet. Peril - Answer- The cause of (personal or property) loss, destruction or damage. Such as fires, floods, theft, illness and death. Hazard ...

list the death benefit typs provided via employee benefits - Answer- 1 group term life 2 group dependent life 3 group AD&D insurance 4 group travel accident insurance 5 joint and survivor annuity benefits under retirement plans 6 preretirement annuity benefits 7 supplemental/optional life ins ...

Employee Benefits - Answer- All forms of financial returns and tangible services and benefits employees receive as part of an employment relationship Broad View of Employee Benefits - Answer- Employee benefits are virtually any form of compensation other than direct wages What benefits are inc...

Basic assumption of free markets - Answer- Rational consumers will make informed decisions about value, quality and price, while producers meeting consumers' demands will be rewarded with market share and profit. Benefits of free markets - Answer- People who do not like their provider or health ...

CEBS GBA 1: Assignment 1 Exam Questions and Answers

Which risk-handling techniques are being used by a firm that decides to not produce a dangerous chemical, to purchase insurance with a $10,000 deductible on its assets and to install a fire sprinkler system throughout the plant? - Answer- Avoidance, retention, insurance and control Which of the f...

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 insur...

Introduction - Answer- A summary overview of health plan structures. Employers can provide a single health plan or multiple plan options. Common employer sponsored health plans include: A. A health maintenance organization (HMO) plan B. A preferred provider organization (PPO) plan C. A point of s...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and pr...

Benefit plan management - Answer- The activities of plan design, plan administration, and plan funding Single-employer plan - Answer- Plans with the most prevalent type of plan sponsor Multi-employer plan (MEP) - Answer- Plans covering employees working under the terms of a collective agreemen...