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Which of the following is a correct statement about insurance? O A private insurer can be classified as either a life/health or a property/casualty insurer. Most private insurance is purchased involuntarily. If we desire to supplement the benefit levels of social insurance or to buy property/casualty insurance government insurers provide the protection. O Our society has elected to provide certain levels of death, health retirement, and unemployment insurance on an involuntary basis through private agencies. Private sector provides about one-third more personal insurance than the government. In a meeting with the board of directors, the risk manager said, "Each of the product liability claims against our firm last year cost us an average of $125,000 and a total of $375,000." He is referring to the: O amortization of losses. O hazards. O perils. O frequency of losses. O severity of losses