Module 2 Flashcards
The activities of plan design, plan administration, and plan funding.
Benefit plan management
Plans with the most previlant type of plan sponsor
Single employer plan
Plans covering employees working under the terms of a collective agreement
Multi employer plan. MEP
Plans offered to employers in the same industry or type of business or to individuals in the same profession
Association plan
Plans available to individuals to insure their outstanding debt
Creditor plan
The amount of money available to the plan to provide benefits to plan members and cover the cost of administrating the plan
Finding sources
Determination of who assumes the financial liability for paying claims expenses and whether to insure or self insure benefits
Funding arrangements
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
Underwriting
A document that establishes the terms and conditions for management of a trust and empowers trustees I make decisions related to trust operations
MEP trust agreement
Mechanism to receive contributions from participating employers and to pay benefits to members and or to pay insurance premiums on their behalf.
MEP trust fund
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
MEP participation agreement
A regulatory requirement for financial soundness
Insurance solvency
Regulatory requirements addressing incorporation, governance, and investment management
Insurers market conduct
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
Mccsr minimum continuing capital and surplus requirements
A document which indicates the rights and obligations of all parties.
legal contracts
An individual/legal entity authorized to represent an insured party in the purchase, servicing, and maintenance of insurance coverage with a suitably designated insurer.
Agent of record
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.
employees income
The net income that results from a business subject to deductions for the costs of doing business including benefit costs.
Employers income
Interest, dividends, and capital gains, less certain deductions.
Trust fund income
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.
Employee benefit plan as defined under the
Income Tax Act (ITA)
Employer contributions to fund registered pension plans or private health services plans, which does not trigger tax consequences under the ITA.
Non‐taxable benefits from employment
