1. Which of the following is true of a renewable and convertible 10-year term insurance policy?
   1. The policy is renewable after 10 years, but typically only for a reduced face value.
   2. The policy is renewable after 10 years, but the rates will typically be much higher than those that were charged during the first 10 years.
   3. The policy typically can only be renewed after 10 years if the insured demonstrates evidence of insurability.
   4. The policy can typically only be renewed if it has been converted into a cash-value policy during the conversion period