All of the following are characteristic of life insurance settlements EXCEPT:

a$.$ The insured is age $65$ or older.

b$.$ The insured has a remaining life expectancy of $6$ to $12$ years.

c$.$ The purchase price for the policy is greater than its cash surrender value.

d$.$ The named insured is replaced by another insured once the settlement is concluded.

On May $1,$ Lorraine entered into a settlement contract with Actuarial Benefit. A few days later, she begins to have doubts about the agreement and wonders if it was in her best interest. Assuming she has not yet received any funds from Actuarial Benefit, what is the latest date that she can rescind the contract?

a$.$ May $30$

b$.$ June $30$

c$.$ July $30$

d$.$ August $30$