All of the following statements concerning life insurance contracts are correct EXCEPT: O The assignment clause combats abuse by the insurance company stating that once a policy has been in effect for a period of time, the insurer may not cancel the policy due to a material misrepresentation or omission. The suicide clause is designed to hedge against the risk that individuals with suicidal thoughts will purchase life insurance and shortly thereafter, commit suicide. Most life insurance policies provide a grace period, typically spanning one month (31 days), after the premium due date for the policy owner to pay an overdue premium All of the above are correct