Which of the Following Statements Is True About Group Life

question 108

Multiple Choice

Which of the following statements is true about group life insurance?

• A)Group life has been losing its popularity recently.
• B)Generally the cost of insurance is the same for each employee.
• C)Group insurance is not a good bargain for older employees regardless of age.
• D)Principles that apply to other forms of insurance do not apply to group life insurance.
• E)Not worth getting.

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Definitions:

Journalize

The process of recording transactions in the journal of a company, detailing the financial activities.

Manufacturing Overhead Variance

The difference between the actual manufacturing overhead costs incurred and the overhead costs allocated to the production process based on a predetermined rate.

Direct Labor Hours

The cumulative working hours of employees directly engaged in the production process.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to individual units of production, based on a specific activity (e.g., labor hours or machine hours).