Michael, a licensed insurance agent, meets with Jill, a prospective client. After completing a needs analysis and discussing various options, Jill has decided to purchase a 10-year term policy from Michael. However, Jill is confused about the different options available.When Jill asks Michael about the differences between renewable and convertible policies, which of the following is the CORRECT response that Michael should provide her?

a)Evidence of insurability is required to exercise the renewal option, but not the conversion option.

b)Evidence of insurability is required to exercise the conversion option, but not the renewal option.

c)The conversion privilege would allow the life insured to convert the 10-year term to a 20-year term.

d)A re-entry policy may offer a lower renewal rate if the life insured is in good health at the time of renewal.