all of the following are classified as non - bank financial intermediaries except\na. insurance…

Brief Explanations:

Non-bank financial intermediaries provide financial services but do not hold a full banking license or accept traditional deposits. Insurance companies, hedge funds, and stock brokerages fit this definition. Investment banks, while not commercial banks, are sometimes categorized separately, but more critically, among the options, investment banks are the exception as they are often grouped with specialized financial institutions that have closer ties to core banking capital markets functions distinct from typical non-bank intermediaries, and in standard classifications, they are not considered non-bank financial intermediaries in the same way as the others.

Answer:

C. investment banks.