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At P&C insurers, if the combined ratio is less than 1 0 0 percent, the premiums charged were sufhcient to cover. O losses only. O

At P&C insurers, if the combined ratio is less than

100

percent, the premiums charged were sufhcient to cover.

O losses only.

O expenses only.

O both losses and expenses.

Olosses,expenses,and investment returns on premiums.

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