Mattie Has Group Term Life Insurance Coverage of $120,000 Provided

question 57

True/False

Mattie has group term life insurance coverage of $120,000 provided by her employer on a nondiscriminatory basis.She must include premiums for $120,000 coverage in gross income using IRS tables.

---

Definitions:

Enforce Payment

The legal process or measures taken to compel the payment of a debt or financial obligation.

Exculpatory Clauses

Provisions in a contract that release one party from liability for damages caused during the execution of the contract, often by negligence.

Necessaries

Necessaries refer to essential items that a person requires for basic sustenance and living, such as food, clothing, and shelter.

Contracts With Minors

Agreements made with individuals under the age of majority, which are generally voidable at the discretion of the minor, with certain exceptions.