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- Describe 3 criteria of the 13 minimum standards on which plan status is determined to qualify retirement plans for preferential tax treatmenta life insurance policy that provides protection for insured's whole life with level premium for a limited number of years Universal life Variable life Limited pay life Adjustable life FOCUSIn the event that a policy owner elects the paid-up insurance option A) The premiums stop and the policy continues for the full face amount until age 65 B) The insurance continues at a reduced amount and with a reduced premium C) The policy will automatically terminate The premiums cease and protection continues with a reduced amount D) of coverage