Learn what insurance is, why it is needed and the common benefits provided under group benefits plans. Differentiate between the plan sponsor’s and insurer’s roles and responsibilities regarding the management of a group benefits plan, including plan design, funding, pricing, claims and premium administration, participant communication and the renewal rating process.
The four courses should be taken in the following recommended order:
The Group Insurance Landscape
Learn what insurance is, why it is needed and the common benefits provided under group benefits plans. This course focuses on the relationships among the parties of a group insurance contract—the plan sponsor, insurer, plan advisors and plan members.
Group Benefits Design and Administration
This course outlines the plan sponsor’s role in group benefits plan management and provides an overview of key requirements related to group benefits design, claims administration, premium administration, recordkeeping and communication.
Group Benefits Funding and Pricing
This course describes the traditional funding methods used for group benefits plans, the factors that impact a plan sponsor’s choice of funding method and the basic methods of pricing group insurance. It also includes an overview of factors that insurers consider in the renewal rating process.
Life Cycle of a Group Benefit Plan
Understand the insurer’s role and responsibilities at all stages of a group benefits plan life cycle—prospecting, quoting/selling, implementing, servicing, renewing and terminating. Ethical decision making is examined from the perspectives of all parties involved.