Question 4 (4 points) Richard is the owner and insured under a $100,000 life insurance policy with an annual premium of $1,000. He let his policy lapse two years ago and has not paid any premiums since that time. Prior to the lapse, Richard had taken out a policy loan of $20,000. He now wants to reinstate the policy. Which of the following statements regarding the reinstatement of the policy is (are) true? (Check all that apply. Richard cannot reinstate the policy since he has an outstanding $20,000 policy loan. Richard must prove that he still meets the insurer's underwriting standards in order to reinstate the policy Richard cannot reinstate the policy because too much time has passed since the policy lapsed To reinstate the policy. Richard must pay $2,000 for the premiums he missed over the past two years, plus interest