Module 4 Flashcards
Benefits that plan members can choose to supplement coverage in certain areas and pay for through payroll deduction.
Add-ons
A benefit plan where the plan sponsor makes all the decisions about what benefits to provide.
Traditional Benefits Plan
A plan that gives plan members extensive choice, including pay, benefits, pension/retirement contributions and vacation.
Total Rewards Flex Benefits
A plan that offers a wide range of different options to plan members.
Full Flex Benefits
A plan that provides members with at least two predefined benefit modules or packages.
Modular Flex Plan
Additional voluntary benefits generally fully paid for by the plan member. (opt. AD&D, opt. Life)
Optional Benefits
Lump sum benefits to mitigate financial losses due to death of a covered person.
Death Benefits
In a master contract, provisions addressing issues including conformity to legislation and disclosure provisions.
General Provisions
Provisions in a master contract addressing waiver of premium, definition of disability qualifying period, benefit period.
Benefit Provisions
Provisions in a master contract addressing obligations for paying Premium, including grace period.
Premium Provisions
Benefits intended to address the primary needs of most of the group members.
Core Benefits
Provisions in a master contract addressing requirements and processes for adjudication and settlement of claims.
Claims Provisions
Provisions in a master contract addressing definitions, eligibility requirements, commencement and termination of insurance.
Insuring Provisions
Once in a lifetime lump sum payment to an insured who has been diagnosed with and survived a life threatening illness.
Critical Illness Insurance
The amount a covered individual must pay before any reimbursement on expenses.
Deductibles
