Which of the following statements about life insurance policy loans is (are) true?
I. Interest is not required on a life insurance policy loan, as the policyholder is borrowing his or her own money.
II. If there is an outstanding loan when the insured dies, payment to the beneficiary is reduced by the amount of the loan.
A) I only
B) II only
C) both I and II
D) neither I nor II
Question 2
Life insurance policy proceeds can be paid to a trustee upon the death of the insured. All of the following statements concerning payment of proceeds to a trustee are true EXCEPT
A) Use of a trustee provides flexibility with regard to the timing and amount of the payments.
B) Trustees are often used when the beneficiary is a minor child or an adult with diminished mental capacity.
C) The trustee is not permitted to accept a fee for rendering services.
D) The trustee does not guarantee investment results.
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