When Mary applied for a life insurance policy, she did not disclose that she had just been treated for cancer 3 months ago. In addition, Mary intentionally misstated her age so that her premiums would be lower. If the insurer issues the policy but discovers the misrepresentations 1 year later
A) the insurer can challenge the validity of the contract
B) Mary and the insurer cannot void the contract
C) Mary can void the contract
D) the insurer cannot challenge the validity of the contract"
Ans: A) the insurer can challenge the validity of the contract
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Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2016 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2016. The following unreimbursed cash expenditures were among those made by the Burgs during 2016: State income tax-$1,200 Self-employment tax-7,650 What amount should the Burgs deduct for taxes in their itemized deductions on Schedule A for 2016?
a) $5,025 b) $7,650 c) $3,825 d) $1,200
Each act of privatization dilutes the command portion of a mixed economic system
Indicate whether the statement is true or false