Lloyd is the insured under a $1,000,000 life insurance policy. The primary beneficiary of Lloyd's policy is his wife, Dolores, and he has also named "my children" as his contingent beneficiaries. If Lloyd dies prior to any of his designated beneficiaries, which of the following statements is true? the $1,000,000 will be split equally between Lloyd's children the $1,000,000 will be split equally between Dolores and Lloyd's children with both Dolores and his previous wife the $1,000,000 will be split equally between Dolores and Lloyd's children with Dolores the entire $1,000,000 will be paid to Dolores only