All of the following statements concerning whole life insurance are correct EXCEPT:

There are multiple types of whole life insurance, including ordinary life insurance and limitedpayment life insurance.

If the whole life insurance premiums are to be paid throughout the insured's lifetime, the insurance is known as limited pay whole life.

Ordinary life insurance is a type of whole life insurance for which premiums are based on the assumption that they will be paid until the insured's death.

Because the premium rate for a limited pay life contract is calculated on the assumption that premiums will be paid for a limited number of years, the premium rate for limited pay life is often more than it is for ordinary life.