Which of the following statements is true with regard to insurance market dynamics?
I. When the property and liability insurance industry is in a strong surplus position, insurers can cut premiums and loosen underwriting standards.
II. Insurance companies can lose money on their underwriting activities for the year, but still show a profit for the year.
(a) I only
(b) II only
(c) both I and II
(d) neither I nor II
Ans: (c) both I and II
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Indicate whether the statement is true or false
Which of the following statements is true about the business implications of Japanese society?
A. The determination of social status of an individual is independent of the standing of the group to which he or she belongs. B. It is difficult to find self-managing work teams within Japanese organizations. C. It is more successful at pioneering radically new products and new ways of doing business than the United States. D. There is a low degree of movement from company to company among managers and workers. E. The managers and workers lack company-specific knowledge, experience, and a network of interpersonal business contacts.