MACRS stands for modified accelerated cost recovery system and classifies the "life" of every asset for use in determining the depreciation expense each year

A club membership for individuals, usually the children of regular members, who have not yet attained the age required for regular membership but are too old to be afforded membership status on the basis of their parents' membership is called a __________ membership.

Fill in the blank(s) with the appropriate word(s).

According to the law of large numbers, what should happen as an insurance company increases the number of loss exposures that it insures?

A) Fewer losses should be expected to occur. B) The amount of premiums needed to cover losses should decrease. C) The volatility of the insurance company's underwriting results should increase. D) The difference between actual and expected results should decrease.