$29.$ Adam purchased a universal life insurance policy with a level face death benefit several years ago. The excess contributions have been invested in a balanced mutual fund that was projected to have a return of $6\mathrm{.}5\%.$ Over the holding period, the fund has not performed as well as was projected.

What is the most likely impact to the policy?

a$)$ The accumulated fund will have a lower value than was projected.

b$)$ The policy may lose its exempt status.

c$)$ The mortality cost will be increasing.

d$)$ The death benefit may be reduced by any deficiency in the investment.