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Which of the following statements about life insurance policy loans is (are) true? I. Interest is not required on a life insurance policy loan, as

Which of the following statements about life insurance policy loans is (are) true?

I. Interest is not required on a life insurance policy loan, as the policyholder is borrowing his or her own money.

II. Policy loans must be repaid within 3 years or the policy will lapse.

A) I only

B) II only

C) both I and II

D) neither I nor II

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