DQ #1 Define the term \"employee fringe benefits,\" identify, and describe common types of fringe benefits. DQ #4 Describe key person insurance and discuss the tax consequences associated with such plans Solution 1) Fringe benefits are the benefits provided by the companies to employees other than wages and salary. These benefits are in the form of medical insurance, and Life Insurance and conveyance reimbursements, Sick pay , and housing allowances etc. an thease types of Fringes benfits are utilized by the HR to retain highly creative workforce..