Mike is approved for life insurance. He meets with his agent to accept the policy and pay his first premium. A week later, Mike decides to exercise his right of rescission. What happens with regard to the policy and Mike's premium? Question 13 options: A) The policy is cancelled and the insurance company retains Mike's premium paid. B) The policy is cancelled and the insurance company refunds Mike's premium paid. C) The policy is converted from temporary to permanent and Mike's premium is increased accordingly. D) The policy is converted from permanent to temporary and Mike's premium is decreased accordingly