Arkansas Life and Health Insurance Practice Exam 2025 - Free Life and Health Insurance Practice Questions and Study Guide

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In which of the following circumstances was the small business owner able to deduct the premiums they paid for insurance?

An individual buying a personal accident policy

The small business owner was able to deduct the premiums they paid for insurance when buying a personal accident policy. This is because personal accident policies are typically considered personal insurance and are therefore tax-deductible for the business owner. In contrast, the other options involve insurance policies that are more business-related or involve contributions to employer plans, which may not be eligible for tax deductions in the same way that personal accident policies are.

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A sole proprietor of a small firm buying an overhead expense policy

An employee contributing to an employer's group life insurance plan

A partner buying a key person insurance policy

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