Question

The term 'remuneration' means compensation or pay, but it has a broader meaning than pay because it can include not just basic salary or bonuses but commissions and other payments or benefits paid under the terms of an employment contract as well. It is the reward for employment in the form of pay, salary, or wage, including allowances, benefits (such as company car, medical plan, and pension plan), bonuses, cash incentives, and monetary value of the non-cash incentives.

Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Which of the following can be the group of people being considered in the statement above?

[1 mark]

• A. Employees working in an organisation
• B. People living in a society
• C. Residents of a registered residential apartment
• D. All of the above

Answer 1

The correct option is D All of the above

Group health insurance is a type of medical insurance package that covers a group of people, or employees working in an organisation, or of a society or of a registered residential apartment. The plan covers medical benefits for the employees (insured), their spouse, their children and the dependent parents (if mentioned).