Which of the Below Is TRUE of a Mutual Insurance

Which of the below is TRUE of a mutual insurance company?

A) Mutual insurance companies have stock and external owners.
B) While stock insurance companies have two constituencies, their stockholders and their policyholders, mutual insurance companies only have one, since their policyholders and their owners are the same.
C) The owners, and not the policyholders, care primarily or even solely about the performance on their insurance policies, notably the company's ability to pay on the policy.
D) Traditionally the smallest insurers have been mutual, but recently there have been many demutualizations, that is, conversions by mutual companies to stock companies.