3. Which of the following statements regarding universal life's policy mechanics is (are) true? I. Premiums are reduced by any premium loads before being applied to the account value II. Since universal life is a type of whole life policy, the mortality charges remain level throughout the lifetime of the policy III. A surrender charge is assessed any time a policyowner surrenders the policy for cash over the lifetime of the policy a. I only b. II only c. I and III d. II and III e. I, II and