Exam (elaborations)
ISR3702 ASSIGNMENT 1 SEMESTER 1 2023 (861940)
- Course
- Institution
ISR3702 ASSIGNMENT 1 SEMESTER 1 2023 () 100% TRUSTED workings with detailed Answers for A+ Grade.
[Show more]
Seller
Follow
StudyStore
Reviews received
Content preview
ISR3702Assignment 1 Semester 1 2023
,Read the case study below and answer the questions that follow.
Mokoena and Mphahlele are brothers, who grew up together in a
child-headed family. Mokoena, through the support of the government,
community members and relatives, studiedand qualified to be an
accountant. Mokoena discussed further studies with Mphahlele and
persuaded him to study towards a social work degree. Mphahlele, with
support fromMokoena, completed his studies successfully.
Tau is the child of Mokoena and Mamgcina and was born while
Mokoena was completing his studies. Mokoena decided to provide
financial support to two orphans until theycompleted their studies.
Lastly, he provides monthly financial support to the child of their
neighbour, who is struggling financially. Mokoena got married to John,
who is a medical doctor, and they were advised that, legally, their type
of marriage does not require an antenuptial contract. Their children
are Tshifularo and Sweetness .
In addition, Vhonani, the child of the deceased sister of John, is
staying with Mokoena and John, and he is still at secondary school.
Below are the life policies for Mokoena and John: Product Mokoena
John Death policy R3 million R5 million Retirement annuity
(accumulated amount) R209 070 R189 060 Preservation fund
(accumulated amount) R125 050 R100 230 Provident fund
(accumulated amount) R25 020 R250 090 Mokoena nominated Ludwe
(Mokoena’s maternal grandmother) as a beneficiary of the death
policy and preservation fund. Mokoena did not nominate beneficiaries
for other policies.John nominated Vhonani as a beneficiary of the
policies listed, except for the death policy. Mokoena committed suicide
ten years after all his policies were incepted.
Question
Mokoena’s dependants and nominees dispute the amount of the
retirement benefits received. Which one of the following industry
bodies could respond to their concerns? a. The managing body of the
funds b. Pension Funds Adjudicator c. Mokoena’s employer d. Life
Insurance Ombuds
, ANSWER
Mokoena's failure to nominate beneficiaries for some of his policies
means that the proceeds from those policies may be paid to his estate
and will form part of his assets. This could result in delays in the
distribution of the funds to his dependents and nominees, and the
funds could also be subject to estate duty and other related costs.
To resolve the dispute regarding the amount of retirement benefits
received, Mokoena's dependents and nominees could approach the
Pension Funds Adjudicator, which is an industry body that provides
dispute resolution services for pension funds and retirement annuity
funds. The Pension Funds Adjudicator can investigate complaints and
make binding decisions to ensure that the interests of the beneficiaries
are protected.
What was the relationship between Mokoena and Mphahlele?
Mokoena and Mphahlele are brothers who grew up together in a child-
headed family.
The correct answer is b. Pension Funds Adjudicator.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyStore. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.80. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now