Please indicate true or false and why

1. The proceeds of a life insurance policy are divided between the contingent beneficiary and the primary beneficiary if both are living when the insured dies. 2. A life insurance policy lapses at once if the premium for the next year is not paid before the expiration date of the policy. 3. When a secured credit seller repossesses the goods upon the buyer's default, the seller must dispose of them at a public sale. 4. In a secured credit sale of consumer goods, the buyer has certain property rights in the collateral.