Which of the following statements about participating (par) policies is (are) true? (Check all that apply.) The dividends paid by participating policies are guaranteed by the insurer at policy inception The dividends received by the policyholder are subject to taxation in the year they are earned. The initial premium for a participating policy is higher than the premium paid for a nonparticipating policy, other things being equal. Participating policies are sold only by insurance companies that issue common stock, with the dividends reflecting the return on that stock