Craig is a business owner, and has a universal life policy with a level face death benefit of $100,000. He has named his brother and business partner, Jim, as irrevocable beneficiary. In the investment account within the policy, Craig has invested very aggressively in high-risk equities. Although he maintains a long term perspective, to date, Craig's investment choices has performed miserably. He is considering reducing the coverage, but uncertain of the implications. Which of the following statements properly describes Craig's situation?

a) Craig requires Jim's approval before he can decrease the amount of coverage to a reduced paid-up policy.

b) The investment funds in Craig's policy could be exposed to Jim's potential creditors while Craig is still alive and the policy is in force.

c) Poor investment performance in the contract could impair Craig's ability to take out a policy loan in the future.

d) In the event of Craig's death, poor performance in the investment account could negatively impact the amount received by Jim.