Many years ago Chris bought a life insurance policy, for which the following is true:

$$

Upon the death of Chris$$s husband, Jim, the policy will pay $$10,000,000.$

$$

The policy has a current cash value of $$150,000.$

$$

Each year, Chris makes a premium payment of $$100,000$ to keep the policy in place.

$$

Chris has designated Bertha as the beneficiary.

Chris is getting tired of making the life insurance policy payments, so she decides to transfer current ownership in the policy to Bertha.

Which of the following is true:

a$.$ Chris has not made a gift of any present interest because Jim is still alive.

b$.$ Chris has made a gift of $$150,000,$ minus the annual exclusion.

c$.$ Chris has made a gift of $$10,000,000$ minus the annual exclusion.

d$.$ If Bertha agrees to pay Chris back with a no$-$interest loan there is no gift of any kind.