9. Mr. Wong would like to buy a life insurance with the lowest premium rate. Which of the following policies will meet Mr. Wong's requirement? A. Endowment life insurance policy. B. Term life policy. c. Whole life insurance policy. D. Universal life insurance policy. 10. Jason is in the business of paper manufacturing. Due to business need, sometimes a lot of papers will be stored in the storage for a period of time. He wants to have some measure to prevent fire from happening in the storage. Which of the following istare) effective way(s) to do so? 1. Install sprinkler system in the storage. II. Buy fire insurance A. I only B. II only C. Both I and II D. Neither I nor II 11. After defining the implementation responsibilities of the financial plan with his client, Tommy, the financial planner, found that the services to be provided are different from the scope of engagement he has defined with his client one month ago. Which of the following is CORRECT? 1. It is too late to update the scope of engagement at this stage, so Tommy should not do anything about it. II. Tommy should update the scope of engagement without involving his client. A. I only B. II only C. Both I and II D. Neither I nor 11 12. Peter has been running a portfolio for his client Mr. Lo for two years. The portfolio started with $4,000,000 and is now worth $4,500,000. Mr. Lo just told Peter that he had received $5,000,000 from his uncle's estate and would like to add the whole amount to his portfolio. Base only on the above information, which of the sentence is most correct conclusion about Mr. Lo's investment risk tolerance? A. Mr. Lo's ability to take risk has increased. B. Mr. Lo's ability to take risk has decreased. C. Mr. Lo's willingness to take risk has increased. D. Mr. Lo's willingness to take risk has decreased