Question 7 (4 points) Neil is an employee of McLanahan's Drug Store. His employer offers both basic and supplemental life insurance as an employee benefit. Neil's basic policy provides him with a $150,000 death benefit, and the limit of his supplemental insurance is $500,000. Assuming the plan is structured in the usual way, which of the following statements regarding Neil's life insurance coverage is (are) true? (Check all that apply.) the employer pays all or part of the premium for the basic $150,000 coverage Neil must report all premiums paid by his employer as taxable income in the year the premium is paid no evidence of insurability is required for the basic $150,000 coverage the supplemental insurance plan may require evidence of insurability for limits above a certain amount the employer pays all or part of the premium for the $500,000 of supplemental coverage Previous Page Next Page Page 7 of 25 $ 6 5 7 8 9 3 U E R. . K s D F. V N B 3 command optior Command