Question 9 2 pts The insurance industry is dominated by supply characterized by a varying number of carriers. Conversely, most other industries in the general economy are dominated by demand. O True O False Question 10 2 pts SAP and GAAP approaches to financial statement preparation are different and designed for the needs of the respective audience. Deferred acquisitions costs are an important aspect and are reflected on a GAAP as: O liabilities like all other costs incurred by insurers. contributing to lower solvency and profits... assets and then amortized over time as expenses, expense and immediately deducted from income