Provisions within a life contract address specific areas of the contract, and they are designed to protect the insured, the insurer or both. Which of the following statements is INCORRECT regarding standard life insurance contract provisions?

a. The spendthrift clause establishes that beneficiaries have no ownership rights while the owner is alive and that policies and cash values are exempt from creditor claims.

b. If the insured allows the life contract to lapse, then reinstatement requires evidence of insurability and the payment of missed premiums plus interest.

c. The life insurer can only void a contract for up to two years, even if there was fraud or misrepresentation of material fact that would have impacted to decision to insure.

d. The suicide provision states that the face benefit is not paid in the event that the insured takes his or her own life within the first two years of owning a life insurance contract.

e. Life contracts typically provide for a 30-day (or possibly 31-day) grace period, during which the overdue premium can be paid without policy lapse.