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Surplus is the difference between an insurers assets and its liabilities True False 2. The combined ratio is lower during the hard market part of

Surplus is the difference between an insurers assets and its liabilities

True

False

2. The combined ratio is lower during the hard market part of the underwriting cycle that it is during softer parts of the cycle.

True

False

3. When the insurance industry is characterized by a strong surplus position then insurers must raise premiums to be able to pay for claim losses.

True

False

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