The Prince Bank recently granted janet King q $ $50,000$ loa. Ms King also obtained $ $50,000$ of group creditor life insurance through Prince Bank. Ms King died while still owing Prince Bank $ $10,000$ on the loan. with regard to the group creditor life insurance policy in this situation it is correct to say that the $1)$ Beneficiary of the policy was Prince Bank. $2)$ Beneficiary of the policy was Ms King's estate. $3)$ amount of the policy proceeds payable was $ $40,0004)$ amount of the policy proceeds payable was $ $50,000$