Indicate whether the sentence or statement is true or false.

23. Speculative risk is uninsurable.

24. Pure risk involves only a chance of a loss.

25. A company that requires only cash in dealing with customers is following risk avoidance.

26. Insurance policies are examples of risk transfer.

27. A term life insurance policy has cash surrender value.

28. Municipal bonds are issued by government agencies other than the Federal government.

29. Preferred stock may be convertible.

30. Balanced funds invest in solid growth stocks only.

31. Trusts are legal arrangements that divide legal and beneficial interests among two or more people.

32. A draft (as used in international trade) is simply an order to pay money from one person (or company) to another.

33. The exporter is the party in the international transaction who initiates the events leading up to the issuance of bankers acceptances.

34. Individuals who invest by themselves in venture capital opportunities are called angel investors.

35. Generating returns for venture capital investors is often referred to as harvesting a return.