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Glossary of terms

 Call centre
A telephone call centre used to provide on-demand tracking routing and reporting of employee benefit questions. Computer telephony integration can instantly provide relevant information about the caller and speech recognition allows callers to verbalize their requests. The latest developments in call centres include systems for e-mail management. See also Employee
 Call date
The earliest date on which a bond may be redeemed before maturity at the option of the issuer.-
 Call option
An option to buy a specified number of shares at a definite price within a specified period of time.-
 Call price
The price at which a corporation or other obligor is permitted to redeem securities containing call provisions. To compensate for this privilege a price above par is usually paid.-
 Career Average Pay Formula/ Career Average Plan
A career average pay formula is a defined benefit plan formula that bases benefits on the employee’s compensation over the entire period of service with the employer. A career average pay plan is a plan with such a formula.-
 Cash Flow
The reported net income of a corporation plus amounts charged off for depreciation depletion amortization and extraordinary charges to reserves which are a bookkeeping deduction and not paid out in actual dollars and cents.-
 Cash Refund Annuity
A form of annuity under which any excess contributions and interest over the total of annuities actually paid are refunded after the annuitant’s death to a designated beneficiary of his or her estate. Two types are cash refund annuity (unliquidated purchase price is refunded in a lump sum at the time of the annuitant’s death) and installment refund annuity (monthly payments are continued to the beneficiary until the full cost has been received)
 Cash Surrender Value
Generally the net proceeds after applicable charges available from the termination or cancellation of an insurance or deferred annuity contract.-
 CERES Principles
A ten-point environmental reporting and accountability code previously called the Valdez Principles and now named after the Coalition for Environmentally Responsible Economies (CERES). The ten principles are intended to expand the concept of socially responsible action with an emphasis on environmental issues.-
 Certificate of Deposit
A short-term interest-bearing debt instrument offered by banks and savings and loan associations. The bank or savings and loan association offers a written certification that a fixed dollar amount has been deposited with it for a certain period of time at a predetermined rate of interest. Early withdrawal of the money is penalized.-
 Certificate of Need
A certificate issued by a governmental body to an individual or organization proposing to construct or modify a health facility acquire new medical equipment or offer a new health service. CON is intended to control expansion of facilities and services by preventing their excessive or duplicative development.-
The process by which a governmental or non-governmental agency or association evaluates and recognizes a person who meets predetermined standards; sometimes used with reference to materials or services. Certification is usually applied to individuals and accreditation to institutions.-
 Certified Employee Benefit Specialist
A designation granted jointly by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania to individuals who complete eight college-level courses and examinations in the areas of compensation and design and operation of employee benefit plans and who pledge to a code of ethical standards and continuing education. In Canada the program is presented jointly by the International Foundation of Employee Benefit Plans and Dalhousie University of Halifax.-
 Certified Pension Consultant
A designation awarded by the American Society of Pension Actuaries. Holders must combine required experience with passing three examinations covering employee benefits fundamentals.-
 Certified Public Accountant (CPA)
A professional license granted by the various states to persons meeting certain educational experience and examination requirements. These requirements vary from state to state but typically they include a college degree with accounting and auditing course work and qualifying experience. The examinations include passing the Uniform CPA Examination covering accounting theory and practice auditing and business law.- www.ifebp
 Chargeable Income
means the aggregate amount of income of any person from all sources remaining after allowing the appropriate deductions and exemptions under this Act;- The Income Tax Act 1955
 Charitable Remainder Trust
A living trust that allows a donor to a charity to receive income from the assets donated while any remaining assets in the trust transfer to the charity when the donor dies.-
 Chartered Financial Analyst (CFA)
Awarded by the Institute of Chartered Financial Analysts. Holders must combine required experience and education with passing three examinations covering ethical and professional standards securities laws and regulations financial accounting and so on.-
 Chartered Financial Consultant (Ch.F.C)
A designation granted by the American College to individuals who complete a ten-course program in the areas of personal financial and retirement planning and who pledge to a code of ethical standards and continuing education.-
 Chartered Life Underwriter
A designation granted by the American College to individuals who complete a ten-course program in the areas of insurance and estate planning and who pledge to a code of ethical standards and continuing education.-
Treatment of internal disease by chemical reagents (including drugs) primarily involved in the treatment of cancer.-
A system of medicine based on the theory that disease is caused by malfunction of the nerve system and that normal function of the nerve system can be achieved by manipulation and other treatment of the structures of the body primarily the spinal column and pelvis. A practitioner is a chiropractor Doctor of Chiropractic (DC).-
 Chronically Ill
A person unable to perform two of six activities of daily living for at least 90 days or who is severely cognitively impaired is said to be chronically ill. Under this term qualification for long-term care expenses is determined.-
An itemized statement of services rendered by a health care provider for a given patient. The claim is submitted to a health benefits plan for payment. A request for payment under an employee benefit plan (pension or health and welfare) or insurer by a plan participant or beneficiary for the payment of certain benefits. The right to any debts privileges or other things in possession of another; also the titles to anything which another should concede to or confer on the claimant.-
 Claim Administrator
Any entity that reviews and determines whether to pay claims to enrollees or physicians on behalf of the health benefit plan. Claim administrators may be insurance companies or their designated claims review organizations self-insured employers management firms third-party administrators or other private contractors.-
 Claim Form
The form used to file for benefits under a health plan.-
Plan participant who files a claim for benefits. See also
 Claims Experience
The frequency cost and types of claims insured employees file to receive benefits. One of the primary factors used in calculating insurance premiums.-
 Claims Procedure
Under ERISA (in the USA) each plan is required to provide a claims procedure which must be explained to plan participants and beneficiaries. The denial of a claim made under the claims procedure must be in writing with an explanation of the reasons for the denial.-
 Claims Reserve
A sum set aside by an insurance company or self-funded plan to assure the fulfillment of commitments for future claims.-

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