1. a. What are the three major sections of a balance sheet? b. What is the balance sheet equation?

2. Briefly discuss the two principal types of financial reserves needed to be maintained by property and casualty insurers.

3. a. What are the two major sources of revenue for a property and casualty insurance company? b. What are the major expenses of a property and casualty insurance company?.

4. Identify the various ways of measuring profit or loss for an insurance company.

5. What are technical provisions and why are they important?