A covered person obtained an fixed return life insurance policy with an SEC restricted entity before they became a covered person. They may continue to hold this policy as long as they do not make any changes to the policy terms. is this statement true of false ?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
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ISBN:9780357110362
Author:Murphy
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Chapter6: Business Expenses
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A covered person obtained an fixed return life insurance policy with an SEC restricted entity before they became a covered person. They may continue to hold this policy as long as they do not make any changes to the policy terms.

is this statement true of false ? 

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