1–3. In the life insurance industry, we see two major ownership structures—common stock insurers and mutual insurers. In a common stock company, the owners—its stockholders—

are a separate group from its customers—the policyholders. In a mutual, the policyholders are also the owners of the company. It has been argued that mutual insurance companies are dinosaurs—they are large, slow, bureaucratic, and inefficient. How would you respond to such an argument?