Allen purchases an estate builder (jumping juvenile) policy for his 5-year old son, Donald. Suppose that when Donald reaches age 21 his father presents him with the policy as a gift. Which of the following statements is NOT correct?
a. The policy's value may have grown significantly over the years due to accumulated interest and investment returns.
b. The policy's value will remain the same as when it was purchased, regardless of how long it has been held.
c. Donald can continue paying the premiums and keep the policy in force, or he can choose to cash it in for its current value.
d. If Donald decides to keep the policy, he can designate new beneficiaries and change the coverage amount.
