Nancy would like to apply for life insurance coverage on her adult child Bill that would pay a death benefit to her if Bill passes. This is the first life policy Nancy has applied for and she is referred to an insurance agent, Lyle, by her friend. When Nancy asks Lyle about the process to obtain life insurance, which of the following statements is the CORRECT response that Lyle should provide her? Nancy would be considered to have an adequate insurable interest in Bill's life. As an agent of the insurance company, Lyle will complete the underwriting of the policy. Bill would be considered the life insured and policyholder, with Nancy the beneficiary. Because the life insurance is against Bill's life, the underwriting will not consider any details for Nancy.