In a term-to-age-65 policy issued under the level premium plan of life insurance, which of the following statements is (are) correct?

I. The sum of the excesses in the premiums paid in the early policy years is equal to the sum of the deficiencies in the premiums paid in the later policy years.

II. The reserve under the policy rises for a time and then falls back to zero at age 65.

a) II only

b) Both I and II

c) Neither I nor II

RATING BASED ON CORRECTNESS.