1. How do insurance guarantee funds differ from bank deposit insurance funds? 2. What additional flexibilities are provided by variable and universal life as compared to a standard whole life or endowment policy? 3. A 65-year-old wishes to convert the cash value of his insurance policy into an annuity. He can select an annuity that will last 15 years or one that lasts 20 years. If the cash value is $450,000 and interest rates are 5.25 percent, how much less per year will he receive if he chooses the 20-year annuity? 4. What three main sources of underwriter risk exist for P&C insurers? 5. Why are P&C insurers dependent on investment yields? Is this an argument for changing how this industry operates and/or how we regulate the industry? Explain