Premiums for Medicare Part B may be tax-deductible under what circumstance?

a. They are an automatic tax credit for persons over age 65.

b. They are not deductible under any circumstance.

c. If the premiums are deducted from income tax, all benefits are taxable.

d. The premiums for Medicare Part B are includable in overall medical expense for deduction subject to the 10% threshold for medical expense deduction.

Answer: d. The premiums for Medicare Part B are includable in overall medical expense for deduction subject to the 10% threshold for medical expense deduction.

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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?

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The voluntary relinquishment of a legal right is called
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