Which of the following statements concerning the financial operations of life insurance companies is (are) correct?(C 19.5) I Most contracts issued by life insurance companies involve long-term financial commitments by the life companies. II Measuring financial results on in-force life insurance contracts often depends as much on the assumptions the analyst makes and the accounting concepts applied as on the company's cash receipts and payments. III A competent actuary can accurately predict the actual financial results for each block of life insurance contracts when those contracts are issued.

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a

I only

b

I and II only

c

I and III only

d

II and III only

e

I, II, and III