With traditional participating life insurance products, allocations in dividends are:

In traditional participating life insurance products, dividends are essentially a share of the insurer's profits that are paid to policyholders. One key aspect of these dividends is that they are not directly tied to the company's investment performance. This means that dividends can be influenced by several factors, including mortality experience, morbidity experience, and administrative expenses, rather than being a direct result of how well the company invests its funds.

Furthermore, insurance companies often smooth out the dividend allocations over time. This smoothing process allows the insurer to provide a more stable and predictable dividend to policyholders, minimizing fluctuations that could occur due to volatile investment returns. This ensures that policyholders receive a more consistent benefit rather than one vastly affected by short-term market performance.

Lastly, the concept of dividends being free from the highs and lows of investment return further reinforces the idea that policyholders are provided with a more stable and reliable return. While the performance of investments does influence the overall profitability of the insurer, the dividends declared are managed in such a way that they do not reflect the immediate ups and downs of the investment market.

Combining these factors illustrates why all of the provided statements about the allocation of dividends in traditional participating life insurance products are accurate, ultimately leading to the conclusion that the correct answer is all