[Verified Answer]: Marcel is 16 years old and attends a boarding…

Marcel is 16 years old and attends a boarding school in Ontario. He is a resident of New Brunswick and lives there with his parents in the summer months. After a recent family death, his father has been reviewing the family’s life insurance coverage and suggests that Marcel apply for a policy on himself. He tells his son that he will pay the premium while he remains a student. Since Marcel won’t be home for some time, his father asks him to meet with an agent in Ontario to apply for coverage. Which one of the following statements is correct regarding Marcel’s application? 1.Marcel can be both the owner and insured of the policy. 2.Marcel must sign the application in New Brunswick, where he is a resident. 3.At least one of his parents must witness his signature as policy owner. 4.At least one of his parents must be the owner of the policy.