MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Current Assets

Which of the ...

Question

Which of the following is an example of group insurance in India?

A

Workers Compensation Insurance

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Group Pension/Superannuation Plans

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Public Liability Insurance

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

All of the above

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is B All of the above
Following are examples of group insurance in India:
a) Workers Compensation Insurance
b) Group Pension/Superannuation Plans
c) Public Liability Insurance
Group insurance policy is a type of policy by which a group of people subscribe for one single policy. Usually group insurance offers discounts on the basis of number of members.

Suggest Corrections

thumbs-up

0

Similar questions

Q. 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]

Q. Consider the following statements.
I. Workmen's compensation and third party insurance are examples of guarantee insurance.
II. Re-insurance is more common under fire and marine insurance.
Which of the statement given is/are correct?

State the following statement is True or False:

The principle of insurance under which the compensation paid to the insured which is equal to the actual loss is indemnity.

Q. Which of the following items is part of compensation of employees? Give reasons for your answer.
(i) Entertainment allowance to an employee to entertain business guests.
(ii) Employers' contribution to gratuity fund of the employees.
(iii) Employee's contribution to provident fund.
(iv) Payment of claim of insurance claim by LIC to the injured worker.
(v) Old age pension.
(vi) Medical expenses of a firm on treatment of employee's family.

Q. In amalgamation, workmen compensation fund is liability which must be transferred to _______________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Non-Current and Current Assets

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon