Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Under a group insurance policy, an employee has the right to name a beneficiary and the right to:

convert the group policy to an individual policy upon termination of employment

change the premium payment schedule at will

increase the coverage amount without approval

assign the policy to the employer

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Verified step by step guidance

Understand the concept of group insurance policies: Group insurance policies are typically provided by employers to their employees, offering coverage under a single contract. Employees often have certain rights under these policies.

Identify the key rights associated with group insurance policies: Common rights include naming a beneficiary, converting the group policy to an individual policy upon termination of employment, and sometimes assigning the policy to another party.

Analyze the options provided in the problem: Evaluate each option to determine which rights are typically granted under group insurance policies. For example, changing the premium payment schedule or increasing coverage without approval are not standard rights.

Focus on the conversion right: One of the most significant rights under group insurance policies is the ability to convert the group policy to an individual policy upon termination of employment. This ensures continued coverage for the employee.

Conclude by eliminating incorrect options: Based on the analysis, determine which rights are not typically granted under group insurance policies, leaving the correct answer as the conversion right.