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Glossary

Glossary of terms

 Cash Surrender Value
Generally the net proceeds after applicable charges available from the termination or cancellation of an insurance or deferred annuity contract.- www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 Certification
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.- www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 Chemotherapy
Treatment of internal disease by chemical reagents (including drugs) primarily involved in the treatment of cancer.- www.ifebp.org
 Chiropractic
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).- www.ifebp.org
 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.- www.ifebp.org
 Claim
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.- www.ifebp.org
 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.- www.ifebp.org
 Claim Form
The form used to file for benefits under a health plan.- www.ifebp.org
 Claimant
Plan participant who files a claim for benefits. See also Beneficiary.-www.ifebp.org
 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.- www.ifebp.org
 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.- www.ifebp.org
 Claims Reserve
A sum set aside by an insurance company or self-funded plan to assure the fulfillment of commitments for future claims.- www.ifebp.org
 Classified employment
means employment in respect of which by virtue of regulations made under paragraph (c) of subsection (3) of section 3 of the Act an insured person is treated as a self-employed person;- National Insurance (Self-Employed Persons' Wage-Related Contributions) Regulations. 1973.
 Cliff vesting
Full 100% vesting after x years of service with no gradation of vesting before that time. Benefits must be 100% vested after five years. If participants leave the company or are terminated prior to the vesting date no partial benefits are received. See also Graded Vesting; Vesting.- www.ifebp.com
 Collector
means a Collector of Taxes.- National Insurance (Self-Employed Persons' Wage-Related Contributions) Regulations. 1973.
 Commission
means the Financial Services Commission established under section 3 of the Financial Services Commission Act;- The Pensions (Superannuation Funds & Retirement Schemes) Act 2006
 Commissioner of Taxpayer Appeals
means the Commissioner of Taxpayer Appeals appointed under section 1lB of the Revenue Administration Act;- The Income Tax Act 1955
 Commuted Value
means for the purpose of determining the lump sum amount that is equivalent to a pension an ancillary benefit or a pension benefit the value calculated by an actuary in the prescribed manner and as of a fixed date;- The Pensions (Superannuation Funds & Retirement Schemes) Act 2006
 Company
means any company incorporated or registered under any enactment in force in the Island and any company which though incorporated or registered outside the Island carries on business or has an office or place of business therein;- The Income Tax Act 1955

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