Last year, XYZ Insurance Company had a combined ratio of 102.4 and lost 10.2 million on the insurance that it sold.
The company, however, was required to pay income taxes. The best explanation for this apparent contradiction is that XYZ offset its underwriting loss with
A) increased loss reserves.
B) investment income.
C) increased loss adjustment expenses.
D) unearned premiums.
Question 2
Which of the following statements regarding terrorism insurance is (are) true? I. There is a federal backstop if terrorism claims are catastrophic. II. Private insurers market terrorism insurance.
A) I only
B) II only
C) both I and II
D) neither I nor II
lost
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