The following statements are about cash value life insurance. Select the answer choice containing the correct statement.

In the United States, the policyowner of a cash value life insurance policy must pay current income tax on any interest credited to the policy's cash value each year.

The owner of a cash value policy who has taken out a policy loan can surrender the policy at any time and still receive the full cash value.

Insurance coverage under a cash value life insurance policy must be periodically renewed to remain in force.

Cash value life insurance provides coverage throughout the insured's lifetime and provides a savings element, known as the cash value.