How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes?

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How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes?

A) partially tax deductible
B) not tax deductible
C) fully tax deductible
D) tax deferred

Answer: B) not tax deductible

Health Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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