Module 2

Question 1

The activities of plan design, plan administration, and plan funding.

Answer 1

Benefit plan management

Question 2

Plans with the most previlant type of plan sponsor

Answer 2

Single employer plan

Question 3

Plans covering employees working under the terms of a collective agreement

Answer 3

Multi employer plan. MEP

Question 4

Plans offered to employers in the same industry or type of business or to individuals in the same profession

Answer 4

Association plan

Question 5

Plans available to individuals to insure their outstanding debt

Answer 5

Creditor plan

Question 6

The amount of money available to the plan to provide benefits to plan members and cover the cost of administrating the plan

Answer 6

Finding sources

Question 7

Determination of who assumes the financial liability for paying claims expenses and whether to insure or self insure benefits

Answer 7

Funding arrangements

Question 8

The process by which the insurer evaluated the risk of the plan, makes decisions about it’s acceptablity for insurance, establishes premium rates, and prices plans accordingly

Answer 8

Underwriting

Question 9

A document that establishes the terms and conditions for management of a trust and empowers trustees I make decisions related to trust operations

Answer 9

MEP trust agreement

Question 10

Mechanism to receive contributions from participating employers and to pay benefits to members and or to pay insurance premiums on their behalf.

Answer 10

MEP trust fund

Question 11

A document used in an MEP arrangement for employers not bound by the collective agreement or when the collective agreement does not specify particular contributions to the trust fund

Answer 11

MEP participation agreement

Question 12

A regulatory requirement for financial soundness

Answer 12

Insurance solvency

Question 13

Regulatory requirements addressing incorporation, governance, and investment management

Answer 13

Insurers market conduct

Question 14

A minimum amount of capital an insurer is required to hold in case actual payouts differ significantly from expected payouts due to events beyond the insurers control

Answer 14

Mccsr minimum continuing capital and surplus requirements

Question 15

A document
which indicates
the rights and
obligations of all
parties.

Answer 15

legal contracts

Question 16

An individual/legal entity
authorized to represent
an insured party in the
purchase, servicing, and
maintenance of
insurance coverage with
a suitably designated
insurer.

Answer 16

Agent of record

Question 17

Remuneration paid to
an employee over a
tax year as money or
an equivalent arising
from employment,
subject to certain
deductions,
exemptions, and tax
credits.

Answer 17

employees income

Question 18

The net income that
results from a
business subject to
deductions for the
costs of doing
business including
benefit costs.

Answer 18

Employers income

Question 19

Interest,
dividends, and
capital gains,
less certain
deductions.

Answer 19

Trust fund income

Question 20

Any arrangement under
which an employer
contributes to another
person and under which
payments are made to
or for the benefit of
employees or former
employees.

Answer 20

Employee benefit plan as defined under the

Income Tax Act (ITA)

Question 21

Employer contributions to
fund registered pension
plans or private health
services plans, which
does not trigger tax
consequences under the
ITA.

Answer 21

Non‐taxable benefits from employment