Which of the following statements regarding life insurance policies is not correct? Group of answer choices A life insurance policy that is payable to the owner/insured's estate is included in the owner's gross estate and probate estate at death. A life insurance policy owned by the insured that is payable on death (POD) to the spouse is included in the owner's gross estate but is not subject to probate. An owner of a life insurance policy who is not the insured will include the value of the policy in the gross estate at death and the policy will go through probate. A life insurance policy was transferred by the owner to a spouse four years ago but the insured retained the right to change the beneficiary. The death benefit of this policy is not included in the insured's gross estate