知识框架里面47页原话不一样

问题如下：

Viktoria Smith is a recently hired junior analyst at Aries Investments. Smith and her supervisor, Ingrid Johansson, meet to discuss some of the firm’s investments in banks and insurance companies.

Johansson asks Smith to review key performance ratios for three P&C insurers in which Aries is invested. The ratios are presented in Exhibit 1.

Based on Exhibit 1, Smith should conclude that the insurer with the most efficient underwriting operation is:

选项：

A.

Insurer A.

B.

Insurer B.

C.

Insurer C.

解释：

C is correct.

The combined ratio, which is the sum of the underwriting expense ratio and the loss and loss adjustment expense ratio, is a measure of the efficiency of an underwriting operation. A combined ratio of less than 100% is considered efficient; a combined ratio greater than 100% indicates an underwriting loss. Insurer C is the only insurer that has a combined ratio less than 100%.

解析：The combined ratio= underwriting expense ratio+ loss and loss adjustment expense ratio，三个ratio都是越低越好，低于100%的combined ratio代表有效率，大于100%的combined ratio说明收到的保费无法覆盖运营成本及理赔支出，说明保险公司的业务做的不好，在赔钱。