1. Basic concepts Select the correct term for each of the following descriptions Terms Descriptions This insthution offers two major types of contrads a relatvely short-term contradt that provides protection for a temporary period of time, and a long-term contract that proides lifetime protection. Commercial bank Credit union Insrance company Mutual fund Pension fund This insitution was originally created to develop pools of savings that could be used to provide temporary credit to neighbors and farmers who suffered due to crop tailures or similar catastrophes By viftue of investing the saved funds of its investors into a large number of different securities, it is able to realze both economies of scale and risk diversification for its investors This intermediary generally accepts contributions from both employers and employees, and its tunds Thrit institution are usualy shieided from taxes until the funds are withdrawn This instution has always been considered to be the de partment store of tnance" due to the wide range of products and services offered This instituton was originally developed (not businesses) to encourage savings by and to make loans to individuals Grade it Now Save & C Contnue with