Which of the following statements regarding types of life insurance are correct?

(1) Term life policies include a death benefit and cash value

(2) Universal life policies offer the owner flexibility of premium payments and the ability to make partial withdrawals on a FIFO tax basis.

(3) A second-to-die life policy would pay the widow or widower the death benefit upon the death of the first spouse

(4) The face benefit paid to beneficiaries of a cash-value life policy will be reduced by the amount of any outstanding policy loan or partial withdrawal.

(5) The death benefit with a variable life policy depends on the investment performance of the sub-accounts

Group of answer choices

1, 2 and 4

2, 4 and 5

3, 4 and 5

2 and 3