Gail gives her life insurance policy to her alma mater. She takes a charitable deduction at the time of the gift and continues to pay the premiums on the policy. Which is correct?

Group of answer choices

The annual premiums will be deductible as charitable contributions.

She may deduct $60\%$ of each annual premium as a charitable contribution.

She may retain the right to name the beneficiary of the policy.

The annual premiums are not deductible as charitable contributions.