Which of the following statements concerning the proceeds of a life insurance policy is correct?

Group of answer choices

d. Accelerated death benefits paid by an insurance company under a life insurance policy before the death of the insured are excluded from gross income if the insured person is terminally ill.

b. When the owner of a life insurance policy surrenders a life insurance policy to the issuing insurance company in exchange for the cash surrender value of the policy, the owner of the policy is not required to recognize any gross income.

a. Proceeds paid by reason of the death of the insured are always included in the income of the recipient.

c. Life insurance proceeds are not included in gross income of the new owner if the life insurance policy is sold ("transferred for value") by the original owner of the policy.