Whole life insurance nonforfeiture options allow a policyowner to

1. surrender a whole life insurance policy and receive the net cash value (cash value less any applicable surrender charges and/or outstanding policy loans).

2. discontinue premium payments for a whole life insurance policy and exchange the net cash value for a reduced paid-up single-premium permanent life insurance policy.

3. discontinue premium payments for a whole life insurance policy and use the net cash value as a single premium to purchase a paid-up term life insurance policy with a face amount equal to the face amount of the original policy for a specified period.

A)

III only

B)

II and III

C)

I, II, and III

D)

I and II