14. The operating ratio in the Property/Casualty insurance industry is calculated as A) The combined ratio after dividends minus the investment yield B) The loss ratio plus the loss adjustment expense ratio plus the commission to premium ratio C) The combined ratio minus the loss ratio D) The loss ratio minus the underwriting cycle lag E) None of the above 10. Insurance companies, commercial banks and investment banks may now affiliate with each other and engage in similar lines of business. These powers were granted by the A) Glass-Steagall Act B) Depository Deregulation Act C) Garn-St Germain Act D) Riegle-Neal Act E) Financial Services Modernization Act of 1999