I. The primary ways in which retained losses may be paid out is from: current earnings, loss reserves, by borrowing or through captive insurance companies. II. The underwriting cycle refers to a cyclical pattern in underwriting stringency, premium levels, and insurer profitability.

A. I is true and II is true

B. I is true and II is false

C. I is false and II is true

D. I is false and II is false