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Explain why some insurance premiums are tax deductible, while others are not. A general insurance policy was purchased on February 1 st 2022 for a

  1. Explain why some insurance premiums are tax deductible, while others are not.
  2. A general insurance policy was purchased on February 1st 2022 for a premium of $1,200. Demonstrate how this will be recorded in the insurer's accounts. How are life insurance premiums accounted for?

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