Module 3 Flashcards
1
Q
Length of service otherwise-eligible plan members must have before becoming eligible to participate in various types of benefits.
A
Waiting period
2
Q
Plans with 100% participation and no contribution to cost by plan members.
A
Non‐contributory plan
3
Q
Philosophy of relating benefits to the needs of plan members and their dependents.
A
Benefits/needs‐oriented philosophy
4
Q
Plan where plan
members must
contribute to the
cost of the benefits.
A
Contributory plan
5
Q
Categories of individuals whom a plan sponsor may want to consider protecting under its group benefits plan.
A
Eligibility
6
Q
Benefits that are
a reward for
long service.
A
Accumulation‐oriented benefits
7
Q
Benefits that protect plan members against serious loss exposures that could create immediate financial consequences should they occur.
A
Protection‐oriented benefits
8
Q
Participation in
a benefit is a
condition of
employment.
A
Mandatory participation
9
Q
Participation in a
contributory plan
when not a condition
of employment.
A
Voluntary participation
10
Q
Ratio of plan members participating in a plan to total permanent employees, or total eligible plan members.
A
Participation ratios
11
Q
Philosophy of relating benefits primarily to compensation, service or both.
A
Compensation/service‐oriented philosophy
12
Q
Adoption of business policies regarding the general compensation of employees by employers.
A
Plan philosophy/objectives statement
13
Q
The balance of various elements including wages and salary, incentive plans and group benefits.
A
Total compensation
14
Q
A systematic method for analyzing a plan sponsor’s benefits plan.
A
Functional approach
