Which of the Following Did NOT Occur in the Life

Which of the following did NOT occur in the life insurance industry during the most recent financial crisis?

A) Low equity values reduced asset-based fees on separate account assets.
B) Losses were incurred on holdings of commercial mortgage-backed securities and commercial loans.
C) Asset-based fees declined on products such as variable annuities and pension fund assets that were tied to equity returns.
D) Low interest rates and harsh economic conditions caused many policyholders to terminate or surrender their policies.
E) Historically low interest rates caused increased demand for whole life policies.