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
Protection against loss of income in the event of illness or injury resulting in disability.
Income Replacement Benefits
Benefits that reflect needs that influence an individual’s well-being and work productivity (EAP’s, HCSA, WA, critical illness)
Ancillary Benefits
