Marcel has a whole life insurance policy with a face value of $75,000, a cash surrender value of $38,860, and an adjusted cost basis of $21,654. His annual premium of $3,655 is due March 10. If Marcel makes no more premium payments, when will his policy lapse? NW9|aFYraONEVjITV29rdnNuaXJ1QT09 a. O The policy will lapse April 11. b. Premiums will be charged against the ACB until it is exhausted, and the policy will lapse at the end of the grace period after the last premium paid by the ACB. c. Premiums will be charged against the CSV until it is exhausted, and the policy will lapse at the end of the grace period after the last premium paid by the CSV. d. The policy will lapse when the CSV is exhausted