In which of the following instances would the premium be tax deductible?

In which of the following instances would the premium be tax deductible?


A. Premiums paid by a mother on her son's policy

B. Premiums paid by an employer on the life of a key person

C. Premiums paid by an employer on a $30,000 group term life insurance plan for employees

D. Premiums paid by an individual on his/her own life insurance


Answer: C. Premiums paid by an employer on a $30,000 group term life insurance plan for employees

Popular posts from this blog

You are riding in Sarah's car when she fails to yield and causes an accident. Which of the following coverages would NOT pay for your injuries?

You are riding in Sarah's car when she fails to yield and causes an accident. Which of the following coverages would NOT pay for your injuries? Answer: Sarah's Collision coverage In the scenario described, if you are riding in Sarah's car when she fails to yield and causes an accident, the coverage that would typically not pay for your injuries would be "Medical Payments Coverage" (MedPay) or "Personal Injury Protection" (PIP), depending on the specific insurance policy and jurisdiction. Here's a breakdown of the relevant coverages and why they may or may not apply: Liability Coverage : This coverage pays for injuries and property damage you cause to others in an accident where you are at fault. Since Sarah is at fault in this scenario, her liability coverage would typically cover injuries to other parties involved in the accident, including you as a passenger in her car. However, it would not cover your injuries. Medical Payments Coverage (MedPay) :
Read more