Which of the following statements about a MEC is (are) correct? 1. A policy may be a MEC when it is issued or may become a MEC at a later point in time. 2. If the policy becomes a MEC and the excess premium is not withdrawn during the year it was paid, the policy becomes a MEC forever. 3. The principal tax penalty associated with a MEC arises if the policy is surrendered or borrowed against prior to age 59%. a. 3 Only b. 1 and 3 c. 1, 2, and 3