How can life insurance and annuity products be used to create a steady stream of cash disbursements and payments to avoid either the payment or receipt of a single lump sum cash amount? What are the three sources of underwriting risk in the P&C industry? What does the loss ratio measure? What does the expense ratio measure? Identify and explain the two major sources of expense risk to a property-casualty insurer. Why has the long-term trend in this ratio been decreasing? How is the combined ratio defined? What does it measure? What is the investment yield on premiums earned? Why has this ratio become so important to property-casualty insurers? What are the key activity areas for securities firms? How does each activity area assist in the generation of profits and what are the major risks for each area? Explain the difference between the investing and investment banking activities performed by securities firms and investment banks. How does a best-efforts underwriting differ from a firm commitment underwriting