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With regard to the settlement options avallable to a beneficiary under either a life insurance or annuity contract A) variable annuity contracts will always provide a larger payout than a life policy, given the same settlement option B) the tax treatment of settlement monies received under either type of contract will likely be the same C) life insurance contracts can offer settlement guarantees while annuity contracts can never do so D) generally, similar settlement options are available under either type of contract Which of these is part of the replacement notice required to be given to prospective customers? A) a statement that the transaction qualifies as nontaxable under Section 1035 B) a warning about possible increase commissions involved in the replacement C) a statement of how purchasing a new policy may impact beneficiary choices D) a description of the consequences of using cash values in one policy to purchase another Question #15 of 25 Which of the following is considered a policy replacement? A) An existing whole life policy is converted to reduced paid-up status, and a new universal life policy is issued on an unrelated insured by a different insuret. B) An existing variable life policy is surrendered, and a new life policy is issued on a different insured in the same family by another insuret C) An existing variable lfe policy is surrendered, and a new life policy is issued for the same insured by a different insurer D) An existing adjustable life policy is converted to extended term under the policy's nonforfeiture provisions