Sue is just learning about disability insurance. Which statements are true about disability insurance? 1. Disability income insurance pays a monthly benefit in the event that Sue is unable to work as a result of an injury or an illness. II. Disability insurance under regular occupation is a policy that provides benefits if Sue is unable to perform the duties required by her regular occupation. III. Disability insurance under "any occupation" is a policy that provides benefits only if Sue cannot perform the duties of any job that fits her education and experience. IV. Indemnification is the insurance concept of putting Sue back into the same position that she was in prior to the injury or illness. А I, III, and IV В II, III, and IV All responses D I and II I, Il and III

Sue is just learning about disability insurance. Which statements are true about disability insurance? 1. Disability income insurance pays a monthly benefit in the event that Sue is unable to work as a result of an injury or an illness. II. Disability insurance under regular occupation is a policy that provides benefits if Sue is unable to perform the duties required by her regular occupation. III. Disability insurance under "any occupation" is a policy that provides benefits only if Sue cannot perform the duties of any job that fits her education and experience. IV. Indemnification is the insurance concept of putting Sue back into the same position that she was in prior to the injury or illness. А I, III, and IV В II, III, and IV All responses D I and II I, Il and III

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Employee Retirement Income Security Act (ERISA) requires that companies fund defined-benefit plans, but no such requirement exists for other postretirement benefits such as health insurance. Evaluate whether there should be a requirement that other postretirement benefits be funded.
Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's custody. Contains a deductible that applies to damage caused by Sharp. Provides coverage for property of others in Sharp's custody regardless of fault.
Which of the following professions is not eligible for a for AGI deduction related to certain unreimbursed business expenses: Performing artist National guard or reservist Supreme Court justice All of these K-12 educators
77
Insurance agent Ricardo is recommending that Rob and Samuel, the owners of a manufacturing firm, put in place a properly funded 'buy sell' agreement. Should one owner die, it protects the surviving business owner, the business itself, the surviving family or other beneficiaries of the deceased owner. How can a properly funded 'buy sell' agreement ensure that the business is protected? Select one: a. It can provide funding through life insurance or other sources, it provides a mandatory sale to the surviving owner, it does not provide guaranteed value as the value of the business will change over time. b. It can provide a guaranteed buyer for the business, it can provide guaranteed value, it saves time, it provides an orderly transition of the business to the new owner. C. It provides a non-mandatory sale, it provides guaranteed funding through life insurance, it does not provide a guaranteed buyer for the business, it helps in the easy valuation of the business. d. It can provide…
With respect to qualified retirement plans, nondiscrimination rules prohibit employers from giving preferential treatment to which of the following? Select one: a. White-collar employees b. Highly-compensated employees (HCEs) c. Company executives d. Salaried employees
A friend, explaining his position with respect to liability insurance, states, “I don’t feel I need the high limits of liability because I don’t make that much money. If I were a doctor or a lawyer, I would carry higher limits of liability coverage, but since I am not, the $100,000 minimum included in my homeowner’s policy is enough.” Do you agree or disagree? Why?
. In which situations would an employer issue an ROE with a "D" (Illness or Injury) code? Provide a hypothetical case.
Which of the type of insurance pays benefits to workers who suffer an injury on the job? Select the correct answer below: deposit insurance pension insurance O workman's compensation insurance none of the above
Injured on the job, you received workers’ compensation benefits of $400,000 to cover your medical expenses, but also another $100,000 for “lost wages.” Obviously you would have been taxable on that $100,000 had you not been in-jured and therefore had actually been able to work for those “wages.” So, as a “substitute for taxable income” (so to speak), the $100,000 has to be included in your gross income while the $400,000 doesn’t, right? Wrong? Why?
What is meant by past service cost? When is past service cost recognized as pension expense? Differentiate between a defined contribution pension plan and defined benefit pension plan. Explain how the employer’s obligation differs between the two types of plans. What disclosures should be made by lessees and lessors related to future payments?
Which of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the period