You are reviewing your client Henryk's existing insurance coverage as part of your insurance needs...
80.2K
Verified Solution
Link Copied!
Question
Accounting
You are reviewing your client Henryk's existing insurance coverage as part of your insurance needs analysis for him. Which of the following statements about group life insurance is correct? If Henryk's employer pays some or all of the premiums, those premiums are considered a taxable benefit to Henryk. Regardless of who pays the premiums, the death benefits paid will be taxable to Henryk, his estate, or the beneficiary of the policy. As with individual insurance, premiums paid under a group life insurance plan are not subject to provincial retail sales tax If Henryk does not join the plan before the end of the probationary period, proof of insurability will be required
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
