Question 9 (1 point) Saved Twenty years ago, Fred bought a $500,000 whole life policy, naming his wife Wilma as revocable beneficiary. He also named their daughter Betty as contingent beneficiary. Wilma recently died after a long illness. What is the current status of Fred's policy with regard to creditor protection? a a) Because Betty is a preferred beneficiary, the death benefit and the policy itself are protected from execution and seizure by creditors. b) Because Betty is a contingent beneficiary, ongoing creditor protection is contingent on Fred being solvent at the time of Wilma's death. c) Since the Meath of the primary beneficiary (Wilma), neither the death benefit nor the policy itself are protected from execution and seizure by creditors. d) Naming an irrevocable beneficiary is now the only way for Fred to protect the death benefit and the policy itself from execution and seizure by creditors