5. Which of the following should be done in the step of "Implementing the Financial Plan"? 1. Identifying alternatives that can reasonably meet client's goals, needs and priorities. II. Selecting and securing of product. III. Client and financial planner mutually defining the implementation responsibilities. A. I and II only B. I and III only C. II and III only D. I, II and III 6. Which of the following statements isfare) CORRECT? I. In Hong Kong, the death benefit from an insurance policy is considered as part of the insured's estate. II. The death benefit from an insurance policy is payable directly to the beneficiary upon the death of the insured. A. I only B. II only C. Both I and II D. Neither I nor II 7. The risk of becoming disabled due to accident is called: A. Fundamental risk B. Speculative risk C. Liability risk D. Pure risk 8. John's annual income is $400,000. He contributes 60% of his annual income to his family living expenses. John is 40 years old and plans to retire at the age of 60. Assume the rate of retum (discount rate) is 6%. Based on human life approach, which of the following is closest to the sum insured John should have? A. $801,783 B. $1,282,854 C. $2,752,781 D. $3,953,632