Jeremy owns a single-premium whole life policy issued in 1989 on which he wants to take out a loan. Which one of the following is the applicable tax treatment on such a loan? a.) No taxes would be incurred on the loan, since he has to repay it to the insurer. b.) There would be no taxes on the loan since it is his money and loans on life insurance policies are not taxed. c.) There would be no taxes on the loan because it is not for business purposes. d.) There would be taxes on the loan to the extent that the stated cash value immediately before the distribution exceeded Jeremy's investment in the contract.