Two and a half years ago Jason applied for a $1 million term life insurance naming his sister Felicia, who Jason supports, as revocable beneficiary. The application was approved and the policy issued. Six weeks later Jason completed a change of beneficiary form naming Paul, a business associate, to whom Jason owes a $1 million debt pertaining to a business venture which failed a year earlier. Last week Jason's insurance agent, Maureen, learned that Jason took out the policy because Paul had demanded that Jason take out life insurance in the amount owed and name Paul as beneficiary. Maureen informs the insurer of what she has learned.

What can the insurer do?

Options:

• (A) The insurer can do nothing because the incontestability period has expired.
• (B) The insurer can do nothing because Jason is the owner of the policy and the beneficiary designation was revocable.
• (C) The insurer can terminate the policy because Jason intentionally misrepresented or concealed his reason for applying for life insurance.
• (D) The insurer can terminate the policy because Paul, although a creditor, is not a financial institution.