Which of the following statements about the income taxation of life insurance is true? interest earned on accumulated dividends accumulates tax-free unless and until the funds are withdrawn by the policyowner dividends received on life insurance policies are taxable in the year they are paid to the policyowner If a policy is surrendered for its cash value, only the amount in excess of the net premiums paid is subject to income taxation death benefits paid to the beneficiary as a lump sum are subject to income taxation in the year they are paid