Which of the Following Is NOT True About Value-At-Risk (VAR) $\alpha$

Which of the following is NOT true about value-at-risk (VAR) ?

A) VAR penalizes diversification for some asset/liability portfolios.
B) VAR should be the sole measure used to quantify a firm's insolvency risk.
C) VAR ignores losses greater than the VAR $\alpha$ -percentage level.
D) VAR is computed using the equity's loss distribution.
E) VAR measures the firm's insolvency risk.