o a$.$ considered a distribution for tax purposes

b$.$ tax free in an amount not exceeding the policyowner's cost basis

c$.$ subject to first$-$in$,$ first$-$out $($FIFO$)$ tax treatment

d$.$ prohibited

$26.$ Which of the following describes the common disaster provision found in most life insurance policies?

a$.$ The beneficiary must outlive the insured by a stated period of time, typically $14$ or $30$ days, in the event of a $($nearly$)$ simultaneous death; otherwise, the proceeds are payable as if the beneficiary predeceased the insured.

b$.$ The beneficiary must outlive the insured by no less than one year in the event of a $($nearly$)$ simultaneous death; otherwise, the proceeds are payable as if the beneficiary predeceased the insured.

c$.$ In cases where an insured and the beneficiary die from a common event or illness, the beneficiary is presumed to have died first.

d$.$ In cases where an insured and the beneficiary die from a common event or illness, the insured is presumed to have died first.

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