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There is a type of unsecured debt instrument, issued only by insurers, that has characteristics of both conventional equity and debt securities. This debt is

There is a type of unsecured debt instrument, issued only by insurers, that has characteristics of both conventional equity and debt securities. This debt is classified as policyholders' surplus on the insurer's statutory balance sheet. This debt instrument is a Available answer options Select only one option A Surplus note. B Catastrophe bond. C Zero coupon bond. D Debenture

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