B选项为什么不对

问题如下：

QuestionWhich of the following institutional investors is most likely to have a low tolerance for investment risk and relatively high liquidity needs?

选项：

A.Insurance company

B.Defined-benefit pension plan

C.Charitable foundation

解释：

Solution

A is correct. Insurance companies need to be relatively conservative and liquid, given the necessity of paying claims when due.

B is incorrect because defined-benefit pension plans tend to have quite high risk tolerances and quite low liquidity needs.

C is incorrect because endowments/foundations typically have high risk tolerances and quite low liquidity needs.