Unit 2- Lesson 4 IBM curam financial management -done Flashcards
What are the 3 Basic units of financial management and what are they
Payment- is an issue of fund from the organisation to a participant
Liability - a charge of funds from the organisation
Payment received- the amount of money an organisation receives
What are the core 6 financial management building blocks?
Financial management uses the following core building blocks-
1. Financial component
2. Instruction line item
3. Financial instruction
4. Payment group
5. Financial instrument
6. Payslip
What are the key information related to financial components -
The following information is included- Category Primary client Case nominee Amount Delivery pattern Start date and end date
What is an instruction line item?
A financial instruction line item (ILI) is the most basic financial processing element in curam. It represents a single payment or bill for an individual financial component of a specific product delivery
What is financial instruction?
It’s a consolidation of ILIs into a single transactional unit of financial processing. e.g. james smith $185.00 ($200 benefit minus $15 deduction)
What is a payment group?
A payment group allow the ILIs from certain products to be rolled up into a payment instruction. This is different from a financial instruction if they need to be rolled up seperately
What is a financial instrument?
Financial instruments are the records of actual payments, liabilities or payments received that the organisation issued or received
What is a payslip?
Paylslip- record of ILI that pertain to a particular payment or liability instruction. Payslips can be issued to a client, case nominee or third party
What is the financial batch suite?
The financial batch suite is a group of four processes that are executed in sequence
What are deductions and what are the 3 categories
Decuctions and tax ajustment are taken from benefit payments. The three categories are applied, unapplied and third party
Applied deduction- An applied deduction is an amount that is deducted from a persons benefit and is used to pay off an outstanding liability that is owed to the
Unapplied decision- An unapplied deduction is a stand-alone deduction amount that is not applied toward a specific liability
Third-party deduction -A amount that is deducted from a person’s benefit payment and used to pay-off charges , cost , or debts that are owed to another participant.
What are the two types of deductions?
A fixed deduction must be assigned to a single nominee within the case.
A variable deduction can be assigned to a single nominee, all nominees, or a case component.
Name the batch process that generates the financial components for a case.
Determine product delivery eligibility
Define delivery pattern
Part of a final component, indicating the delivery method and frequency
What could cause a payment to become suspended?
If it exceeds the defined maximum payment amount for a delivery pattern
Your organisation has received a payment for $80,but its not clear what the payment is for. While you investigate, you record the payment in a ——– account?
Your organisation has received a payment for $80,but its not clear what the payment is for. While you investigate, you record the payment in a suspense account?
