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3, Disintermediation can occur when policyholders borrow against the accumulated cash value in insurance products, or the policyholders surrender their cash value life insurance policies for their accumulated cash values.

True or False?

4, Life insurance companies are particularly sensitive to the losses that can result during periods of rising interest rates. In these situations, the existence of valuation reserves alone is sufficient to prevent a write-down of surplus.

True or False?