All the following statements concerning a life insurance company's balance sheet (statement of financial position) and the items contained therein are correct, EXCEPT: (Read Lecture note McG Ins Ch 19, page 19.6-19.7)

All the following statements concerning a life insurance company's balance sheet (statement of financial position) and the items contained therein are correct, EXCEPT: (Read Lecture note McG Ins Ch 19, page 19.619.7)