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A deduction will be allowed for an expenditure unless the Internal Revenue Code specifically disallows it.
Quarterly Premiums
Insurance payments made every three months to maintain coverage, often used in health, life, and property insurance policies.
Endowment Policy
A life insurance contract designed to pay a lump sum after a specified term (on its 'maturity') or upon death, often used as savings or investment vehicle.
Maximum Loan
The highest amount of money that can be borrowed by an individual or organization from a lender under specific terms.
Deductible
An amount that must be paid out of pocket before an insurance provider will cover any expenses.
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