All of the following are true statements about exempt and non-exempt policies, EXCEPT: 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 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. c. An exempt policy may accumulate more money that is necessary for mortality costs but it must not be excessive. d. Term insurance is not an exempt policy but Whole Life is an exempt policy