Family a Consists of Two Spouses in Their Early Thirties

question 9

Essay

Family A consists of two spouses in their early thirties who have two children.They have just purchased a house with a low down payment,so they have a fairly high mortgage.They own two older cars.He works as an engineer with growing earnings potential and he has very basic medical coverage and a small insurance policy at work.She is studying accounting Chapter-time while she stays home to look after the children.
Family B consists of a single woman in her late twenties who has been granted tenure as a professor at York University.Student loans are at a minimum,as they have been paid regularly since graduating with her PhD.Because of her dedication to academics,there is no plan for marriage in the long-term future.She owns a recent model compact car and occupies a one-bedroom aChapterment close to the school.She has a valuable art collection,most of which was left to her by her parents,and she intends to add to it as her growing income permits.Annual long-term vacations are her second passion.She will not qualify for York University's benefit plan until she completes two years of probationary service.
Compare and contrast the insurance needs of these two cases.Please be as comprehensive as possible and provide the reasons for each decision.

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Definitions:

Machine-Hours

A measure of the amount of time machines are used in the production process, often used as a basis for allocating manufacturing overhead costs.

Manufacturing Overhead

Indirect factory-related costs that are incurred when a product is manufactured.

Predetermined Overhead Rate

A rate calculated before the accounting period begins, used to assign overhead costs to products based on a selected activity base.

Indirect Labor Cost

Refers to wages paid to employees who are not directly involved in the production of goods or services, such as maintenance staff and supervisors.