A business valued at $2,000,000 has 4 partners. Each of the 4 partners buys a a $180,000 life insurance policy for purposes of a buy-sell agreement on each of the other partners. Which of the following is/are true?

1. This is an example of an entity purchase plan.

2. This is an example of a cross purchase plan.

3. The buy-sell agreement is over-funded.

Group of answer choices

2 only

1 only

2 and 3 only

1 and 3 only