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Joint Life Policy is taken by the firm on the life(s) of …………………..
- a)All the partners jointly
- b)All the partners severely
- c)On the life of all the partners and employees of the firm
- d)‘a’ and ‘b’
Correct answer is option 'D'. Can you explain this answer?
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Joint Life Policy is taken by the firm on the life(s) of …&hell...
Joint Life Policy on the life(s) of the partners
Joint Life Policy is a type of insurance policy taken by a firm on the lives of the partners. In this policy, the firm insures the lives of all the partners jointly or severely.
Option 'D' - "a" and "b"
Option 'D' states that the Joint Life Policy can be taken on the life of all the partners jointly or severely. This means that the policy can cover all the partners in the firm, either jointly or severely, depending on the terms of the policy.
Coverage of the policy
- The Joint Life Policy ensures that in case of the unfortunate demise of any partner, the firm receives a lump sum amount as a death benefit.
- This amount can help the firm in managing its financial obligations and ensuring the continuity of the business operations.
Benefits of Joint Life Policy
- Provides financial security to the firm in case of the death of a partner.
- Helps in maintaining the stability and continuity of the business.
- Can be a tax-efficient way of providing financial protection to the firm.
In conclusion, a Joint Life Policy taken by a firm covers the lives of all the partners jointly or severely, providing financial security and stability to the business in case of any unfortunate event. Option 'D' correctly identifies this coverage of the policy.
Joint Life Policy is a type of insurance policy taken by a firm on the lives of the partners. In this policy, the firm insures the lives of all the partners jointly or severely.
Option 'D' - "a" and "b"
Option 'D' states that the Joint Life Policy can be taken on the life of all the partners jointly or severely. This means that the policy can cover all the partners in the firm, either jointly or severely, depending on the terms of the policy.
Coverage of the policy
- The Joint Life Policy ensures that in case of the unfortunate demise of any partner, the firm receives a lump sum amount as a death benefit.
- This amount can help the firm in managing its financial obligations and ensuring the continuity of the business operations.
Benefits of Joint Life Policy
- Provides financial security to the firm in case of the death of a partner.
- Helps in maintaining the stability and continuity of the business.
- Can be a tax-efficient way of providing financial protection to the firm.
In conclusion, a Joint Life Policy taken by a firm covers the lives of all the partners jointly or severely, providing financial security and stability to the business in case of any unfortunate event. Option 'D' correctly identifies this coverage of the policy.
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Joint Life Policy is taken by the firm on the life(s) of …………………..a)All the partners jointlyb)All the partners severelyc)On the life of all the partners and employees of the firmd)‘a’ and ‘b’Correct answer is option 'D'. Can you explain this answer?
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Joint Life Policy is taken by the firm on the life(s) of …………………..a)All the partners jointlyb)All the partners severelyc)On the life of all the partners and employees of the firmd)‘a’ and ‘b’Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Joint Life Policy is taken by the firm on the life(s) of …………………..a)All the partners jointlyb)All the partners severelyc)On the life of all the partners and employees of the firmd)‘a’ and ‘b’Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Joint Life Policy is taken by the firm on the life(s) of …………………..a)All the partners jointlyb)All the partners severelyc)On the life of all the partners and employees of the firmd)‘a’ and ‘b’Correct answer is option 'D'. Can you explain this answer?.
Joint Life Policy is taken by the firm on the life(s) of …………………..a)All the partners jointlyb)All the partners severelyc)On the life of all the partners and employees of the firmd)‘a’ and ‘b’Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Joint Life Policy is taken by the firm on the life(s) of …………………..a)All the partners jointlyb)All the partners severelyc)On the life of all the partners and employees of the firmd)‘a’ and ‘b’Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Joint Life Policy is taken by the firm on the life(s) of …………………..a)All the partners jointlyb)All the partners severelyc)On the life of all the partners and employees of the firmd)‘a’ and ‘b’Correct answer is option 'D'. Can you explain this answer?.
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