An insurer denied payment of the full face value of a life insurance policy to the beneficiary. The face value of the policy was $500,000 and the beneficiary received only $470,000. What could explain the reduced payment amount?

A) entire contract clause

B) the insured had an outstanding policy loan at the time of his death

C) the insured misstated his age, representing himself as older than he really was when the policy was issued.

D) both B and C could explain the payment of less than full face value