All of the following are true statements about exempt and non-exempt policies, EXCEPT: O a) An exempt policy is a life insurance policy that meets the definition of the Income Tax Regulations and emphasizes benefits at death rather than sheltering of investment income O b) A non-exempt policy is one that does meet the definition of the Income Tax Regulations and that does not offer significant investment benefits over and above those permitted by the ITA Oc) The distinction between exempt and non-exempt policies only applies to policies issued after December 1, 1982 Od) Grandfathered policies are those last acquired prior to December 2, 1982 and that have not been significantly revised since that date