True or False If false, provide a brief explanation of why 5. Property and Liability insurance company investments tend to be of longer duration than do life insurance company investments 6. Employment opportunities in the insurance industry are narrow and limited 7. The major assets of an insurance company are inventories of blank policy applications 8. If an insurance company is using facultative reinsurance, it must look for a reinsurer each time the company used reinsurance 9. A Property and Liability premium can be described as earned when it is paid to the insurance company 10. The two major sources of revenue for an insurance company are premiums and investment income 11. Policy reserves are considered an asset of the insurance company 12. Insurance is regulated primarily at the state level 3