All above true.
Find the other thread tha discusses this.
But, some Greek Organizatins dont use Guards to designate. I find this silly. The reason you have a Guard is just that. That is to not only to show what Chapter you are from, but incase your Badge Comes lose. Say falls off of your Chest. Is Lost
It has happened to me before. When wearing a rare Badge one with opals, very rare or one I got for $325.00 I damn sure do not want to lose it.