3. A luncheon speaker stated, "The number of life insurers has declined sharply during the past decade because of the increase in company mergers and acquisitions, demutualization of insurers, and formation

of mutual holding companies." a. Why have mergers and acquisitions among insurers increased over time? b. What is the meaning of demutualization? c. Briefly explain the advantages of demutualization of a mutual life insurer. d. What is a mutual holding company? e. What are the advantages of a mutual holding company to an insurer?