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
Answer: A
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