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. Which of the following statements about property and casualty insurance company operating results is (are) true? I. An insurance company can have a combined

. Which of the following statements about property and casualty insurance company operating results is (are) true? I. An insurance company can have a combined ratio greater than 1 (or 100 percent) and still be required to pay income taxes. II. By all measures, the property and casualty insurance industry is highly profitable when compared to other industries.

A) I only

B) II only

C) both I and II

D) neither I nor II

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