5. Group-Term Life Insurance. (Obj. 2) Remix, Inc. provides group-term life insurance coveragefor each of its employees. The amount of coverage is equal to one year's salary. Remix pays100% of the cost for the premiums. Tony and Ruth are employees of Remix. Tony is 46years old; his salary for the year is $85,000. Ruth is 52 years old; her salary for the year is$120,000. Ruth is a key employee of Remix; Tony is not.a. Discuss the consequences to Tony and Ruth if Remix's plan does not favor key and highlypaid employees.b. Discuss the consequences to Tony and Ruth if Remix's plan favors key or highly paidemployees.

In the current situation a case study is present for a company providing insurance coverage to their…

Answered: 5. Group-Term Life Insurance. (Obj. 2)…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question 2 Which of the following is a true statement? A. As a general rule, if the Statute of Frauds requires a contract to be evidenced by a writing an oral contract will be unenforceable. B. The â€œpart performanceâ€ exception to the Statute of Frauds may permit an oral contract for the sale of land to be enforced merely if part of the purchase price is paid. C. A mortgage represents an interest in personal property and thus can be oral. D. A contract for lifetime employment must be in writing to be enforceable since usually if will be for a long time. Question 4 Which of the following is true regarding Title VII of the federal Civil Rights Act in the workplace? a. The plaintiff employee must always prove a malicious, wrongful intent to discriminate on the part of the defendant employer against the employee to prevail in a Title VII civil rights lawsuit. b. Only “big” employers with 2000 or more employees are covered by the federal Title…
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3.4 ETHICS CASE: ASSIGNING COSTS Adapted from Mowen's "Managerial Accounting (7th Ed.)" Case 4-67 Tonya Martin, CMA and controller of the Parts Division of Gunderson Inc., was meeting with Doug Adams, manager of the division. The topic of discussion was the assignment of overhead costs to jobs and their impact on the division's pricing decisions. Their conversation was as follows: ● Tonya: Doug, as you know, about 25% of our business is based on government contracts, with the other 75% based on jobs from private sources won through bidding. During the last several years, our private business has declined. We have been losing more bids than usual. After some careful investigation, I have concluded that we are overpricing some jobs because of improper assignment of overhead costs. Some jobs are also being underpriced. Unfortunately, the jobs being overpriced are coming from our higher- ume, labor-intensive products, so we re losing business. Doug: I think I understand. Jobs associated…
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The Registered Insurance Brokers Act of Ontario states, "An insurance broker means any person who for any compensation, commission or other thing of value, with respect to persons or property in Ontario, deals directly with the public...etc." Which one (1) of the following is EXEMPT from the provisions of the RIB Act? OA) An individual who for compensation solicits or negotiates a contract of insurance directly with the public on behalf of more than one insurer. OB) Operations where risk management services and claims assistance only are provided. OC) Organizations where consulting or advisory services with respect to insurance or reinsurance are provided. OD) An individual who acts solely on behalf of one insurer or affiliated group of insurers and the Facility Association.
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