Which of the following statements is true regarding insurance market conditions and underwriting results?
A) A combined ratio greater than one (or 100 percent) indicates profitable underwriting.
B) In a soft insurance market, more retention is used than in a hard insurance market.
C) Insurance rates are high and underwriting standards are tight when the insurance market is hard.
D) Property and liability insurance premiums and underwriting standards do not fluctuate over time.
Question 2
Which statement is (are) true regarding property and liability insurance market conditions? I. Premiums are high when the insurance market is hard. II. Underwriting standards are tight when the insurance market is soft.
A) I only
B) II only
C) both I and II
D) neither I nor II
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