Tonya Fisk is the policyowner of a life insurance policy covering her 10-year-old daughter, Molly. Ms. Fisk recently added a typical waiver of premium for payor benefit to this policy. The following statements are about this situation. Select the answer choice containing the correct statement. In order to add the waiver of premium for payor benefit to her policy, Ms. Fisk must have submitted proof of her own insurability. The waiver of premium for payor benefit will apply only if Ms. Fisk dies; it does not apply to a situation in which Ms. Fisk becomes totally disabled. Ms. Fisk must continue paying premiums on this policy; the waiver of premium for payor benefit will apply until Molly is age 65. O Ms. Fisk was permitted to add the waiver of premium for payor benefit to her policy because she is both the policyowner and the insured.