Which of the following characteristics is typical of group insurance? A.Each employee receives an individual contract   B.All full-lime employees are eligible for coverage.   C.Employees may automatically enroll for coverage at any time.

Q: WHAT IS THE CORRECT JOURNAL ENTRY WHEN WITHHOLDING AN EMPLOYEE'S CONTRIBUTION TO A PENSION PLAN?

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: The employer has an obligation to provide future benefits for:     A. Defined benefit pension…

A: Defined benefit and defined contribution are the  retirement pension plan

Q: What are some factors that go into calculating life insurance for a client? ☐ Current life insurance…

A: Life insurance is a financial contract designed to provide a measure of financial security to the…

Q: health insurance plan is also available. b.Long-term care premiums may not be deducted within…

A: In a nutshell, the self-employed health insurance deduction allows self-employed people to deduct…

Q: When a VA loan has been properly assumed, a veteran has a right to a release of liability upon…

A: VA home loans came into existence for the benefit of members of the armed forces. These loans…

Q: Homeowners insurance provides coverage for:   Damages that the insured becomes legally obligated…

A: Homeowners insurance is a type of property insurance that provides coverage for damages to the…

Q: es a SIMPLE IRA have a matching contribution from the employer to the employee?  Yes or No.

A: Simple IRA refers to the savings incentive match plan for the employees of the company which is a…

Q: A major difference between defined benefit pension plans and defined contribution pension plans is…

A: Pension plan is a plan under which either the employer or the employee contributes small amount of…

Q: A 401(k) plan: A- is a type of defined contribution plan. B- is a type of defined benefit plan. C-…

A: The question is related to the Retirement Benefit Plan.

Q: Why does group life insurance use a formula to determine the amount of insurance per employee?

A: Group term life insurance: Group term life insurance refers to a type of term insurance in which one…

Q: on is a policy that provides benefits if Sue is unable to perform the duties required by her regular…

A: Disability insurance works in the same way that paycheck insurance does. Disability insurance may…

Q: Depending on when an unfunded pension liability is to be paid, it will be classified on the balance…

A: Yes, unfunded pension liability will be classified as a liability on the BS Balance Sheet It is…

Q: Sick pay benefits that are related to an employee's services already rendered, whose payment is…

A: The right response is that accrual is necessary when the benefits both accumulate and vest. The…

Q: Employer-sponsored Accident and Health Plans, Medical Reimbursement Pland, Long Term  Care Insurance…

A: Employer offers several benefit plans to employees which include group health care plans and…

Q: What does the insurer agree to pay for in addition to covering losses in an insurance policy?…

A: Insurance is a contract between the insurer and insured. In this contract, the insurer agrees to…

Q: 13-Under the Affordable Care Act , which employers are required to provide insurance coverage for…

A: It is the agreement between the insurance company which called insurer and person (insured) for for…

Q: hich type of insurance is not deductible as self-employed health insurance? a. Long-term care…

A: Deduction -Taxpayers have the option to itemize their deductions, which entails claiming deductions…

Q: In which situations would an employer issue an ROE with a "D" (Illness or Injury) code? Provide a…

A: An employer will issue an ROE (Record of Employment) with a "D" (Illness or Injury) code when an…

Q: Which of the type of insurance pays benefits to workers who suffer an injury on the job? Select the…

A: Insurance is an agreement in which an individual or organization obtains financial security or…

Q: Which of the following disclosures of post-employment benefits would NOT be required? O the…

A: Post-employment benefits refer to the compensation and support provided by an employer to employees…

Q: If an employer contributes to an Health Savings Account (HSA) on behalf of an employee, a. Is the…

A: Generally the contribution made by the employer to the Health Savings Account (HSA) of an employee…

Q: A "waiver-of-premium" clause: Select one: a. allows the person to purchase additional insurance at…

A: Insurance policies often come with various clauses to address specific circumstances and provide…

Q: formation must the administrator of the pension fund supply to the participants ?   -Under the…

A: Vesting-:Vesting is a formal term that implies give or receives a privilege to a present or future…

Q: How does accounting for postretirement benefits similar in most respects to accounting for pension…

A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.