Horatio has an individual term-10 life insurance policy with a death benefit of $250,000, which was purchased 5 years ago. His intention was that it would cover his mortgage if he was to pass away prematurely. Horatio's wife Nancy is the beneficiary and their mortgage now has a balance of $225,000. If Horatio were to die today, which of the following is CORRECT? O a) The financial institution that holds his mortgage would receive $225,000 of the death benefit and the remaining $25,000 would be paid directly to Nancy. O b) Nancy would receive a $250,000 death benefit. O c) Nancy would receive a $225,000 death benefit. O d) The financial institution that holds his mortgage would receive the $250,000 death benefit