John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are eliminated -Makes a loss whole again -Source of investment funds is NOT a benefit of insurance. What is a participating life insurance policy? -Contract that allows the policyowner to receive a share of surplus in the form of policy dividends -Agreement that allows two or more beneficiaries to share in the death benefit -Agreement that insures two or more lives -Contract that gives beneficiaries the right to participate in any dividends A participating life insurance policy is defined as a contract that allows the policyowner to receive a share of surplus in the form of policy dividends. Which of the following is a type of insurance where an insurer transfers loss exposures from policies written for its insureds? -Treaty insurance -Mutual insurance -Reinsurance -Captive insurance