Which of the following statements concerning the yearly renewable term plan of life insurance is (are) correct?

I. Insurers typically place a limit on the period during which YRT coverage may be renewed.

II. An insured who elects, after having renewed his or her YRT coverage for many years, to discontinue the coverage will have no cash values available under the policy at the time of discontinuance.

a) II only

b) Both I and II

c) Neither I nor II