In the life insurance industry, we see two major ownership structures-common stock in- surers and mutual insurers. In a common stock company, the owners-its stockholders-are a separate group from its customers-the policyholders. In a mutual, the policyholders are also the owners of the company. It has been argued that mutual insurance companies are dinosaurs-they are large, slow, bureaucratic, and inefficient. How would you respond to such an argument?