A Business Provides $45,000 of Group-Term Life Insurance to All

question 40

True/False

A business provides $45,000 of group-term life insurance to all workers,including the partners who work in the business.All of the workers can exclude the value of this fringe benefit from their gross income.

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Definitions:

Overload Relay Coil

A coil used in an overload relay to provide protection by breaking the circuit in case of excessive current flow.

Level Switch

A device used to detect the level of liquid or solid materials within a container or environment, triggering an action when a certain level is reached.

Temperature Switch

A device that activates or deactivates based on a specific temperature threshold being reached.

Proximity Sensor

A device that detects the presence or absence of a nearby object without physical contact, often using electromagnetic fields, light, or sound.