Self-Insurance Means

question 25

Multiple Choice

Self-insurance means

• A) owning an insurance company.
• B) owning stock in an insurance company.
• C) saving to have money to cover possible future losses.
• D) having coverage on the owner of the business.

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Definitions:

Employee Benefits

Various types of non-wage compensation provided to employees in addition to their normal salaries or wages.

Pay Package

The total compensation provided to an employee, including salary, bonuses, benefits, and any other financial rewards.

Base Pay

The initial rate of compensation that an employee receives in exchange for their services, excluding any bonuses, benefits, or raises.

Indirect Pay

Compensation that is not directly paid as cash but includes benefits like insurance, retirement plans, and vacations.