Gail has purchased a life insurance policy on her husband Phil’s life. The policy will pay a lump sum benefit to her daughter, Bonita when Phil passes away. If Gail passes away prior to Phil, the ownership of the policy will transfer to her brother Carlos. If Bonita were to pass away before Phil, the policy would then pay the death benefit to Gail’s niece, Lacey. Which of the following is CORRECT?

a)Gail is the life insured.

b)Lacey is the beneficiary.

c)Phil is the policyholder.

d)Carlos is the successor policyholder.