1. Do you think that loss adjustment would be most difficult in the field of life insurance, property insurance, orliability insurance? What training would you recommendfor adjusters in each of these three fields?

2."Pricing is more difficult in insurance than in otherbusiness fields, because the cost of production is notknown until after the product has been delivered." Towhat extent is this statement true and to what extentfalse?

3. "In view of the relationship of surplus to premiumsthat may be written, a severe decline in the stock marketis likely to serve as a brake on price-cutting practices."Explain the rationale behind this observation.