NO.PZ2015121802000005
问题如下：
Which of the following institutional clients have high liquidity needs and low risk tolerance?
选项：
A.
endowment
B.
defined-benefit pension plan
C.
insurance company.
解释：
C is correct
An endowment usually has low liquidity needs, as an endowment generally intends to fund its causes perpetually. Defined benefit pension plans typically needs low liquidity.
An insurance company needs high liquidity, as they should be able to pay claims timely.
既然是定期需要支付，是否需要稳定的流动性来支持？
