Question 1: List two advantages of policy loan. (12 points) Rubric: 12 points in total. 6 points for each advantages corrected listed and explained, in which 3 points for listing, and 3 points for explanation. Question 2: Please explain why interest is charged against policy loan when cash value belongs to the policyowner? (13 points) Rubric: 13 points for this question. Question 3: Illustrate how Keogh Plans work for self-employed individuals in terms of defined contribution plan and define benefit plan. (12 points) Rubric: 12 points for this question. 6 points for the illustration of defined contribution plan, 6 points for the illustration of defined benefit plan. Question 4: Tom, age 42, has a life insurance policy at face amount of $1,000,000. His risk category is standard plus, with annual premium of $1,000. If he were to purchase a single-premium policy, the premium would be $10,000. The required % of the corridor test is 250%. Please illustrate the two scenarios where his contract will be qualified as life insurance. You'll need to specify the exact amount for the qualification. (13 points)