Which of the following statements about the ownership of a life insurance policy is (are) true?

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Which of the following statements about the ownership of a life insurance policy is (are) true?

Under the ownership clause, the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living.

The policyholder can designate a new owner by filing an appropriate form with the insurance company.

A) I only

B) II only

C) both I and II

D) neither I nor II

Answer: B) II only

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