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

1. Under the ownership clause, the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living.
2. The policyholder can designate a new owner by filing an appropriate form with the insurance company.
3. A) I only
4. B) II only
5. C) both I and II
6. D) neither I nor II

Which of the following statements about the entire contract clause is true?

1. A) It allows the insurer to change the policy terms without the insured's consent.
2. B) It specifies that all statements in the application are considered warranties.
3. C) It specifies that the life insurance policy and the attached application constitute the complete agreement between the parties.
4. D) It prevents the insurance company from contesting a policy after it has been in force for two years during the lifetime of the insured.

Which of the following would be a valid reason for an insurer to contest a policy after the contestable period has ended?

1. A) The policyholder made a material misrepresentation in the application process.
2. B) The insurer's loss ratio is running higher than the insurer anticipated.
3. C) The applicant had someone else take the medical examination required for policy approval for her.
4. D) The policyholder concealed a material fact at the time of application.