Janet submits her application and first premium for a term life policy with a face value of $1,000,000. Harriet, her life insurance agent, informs Janet about the option of adding a temporary insurance agreement (TIA). From the application process, Harriet has learned that Janet is in excellent health, exercises regularly, and does not smoke. Which of the following statements concerning a TIA for Janet is CORRECT?

1. Once issued, the TIA cannot be revoked until the earliest of the TIA expiry or the date the insurance policy becomes effective
2. Harriet has the authority to issue TIA on behalf of the insurer provided she has no concerns and the first premium has been submitted
3. Once issued, the TIA coverage will remain in effect for 60 days regardless of the status of the insurance policy application
4. The minimum coverage amount for the TIA will be equal t the face value of the term life insurance policy that Janet has applied for