It means you can stay in the country.
Yeah, it’s determined by the work permit duration. I have a 3 year work permit, and thus a 3 year ARC.
ARC don’t grant health insurance as far as I know. You can either join the national health care scheme or just pay for health care when you need. I opted for the later option. Some jobs might include health care, but it’s dead cheap here even if you pay yourself.
If you’re from the US (judging by your California flag) you’ll get 30 days residence even without a visa. But you’ll need to find a job, get a work permit, leave the country, apply for resident visa, and come back before the end of that period. Which might be tight. Work permits take two weeks to get, so you’d need to get a job in the first week to make it.