你好 reading 24课后第5题，答案解释c选项时说“P/B比index高，又因为它的deviation tolerance比较低，所以它说的与数据不符合“。但是文章中说，sector deviations below 3%, 它的P/B跟index的差低于3%，所以Tokra的数据跟它的style是一样啊？

问：1.in arrear是拖延的意思，请问在这里set in arrear是不是指利率的改变在下一期生效 这个含义？2.答案A是小于等于，而老师讲的结论是等于，请问小于怎么解释？（两个问题 请逐次回答 谢谢）

客户利益和资本市场利益冲突了， 以那方利益为先呢？

为什么current rate method下，current ratio的指标会下降，用的不都是ending rate吗？和上一页的表不是矛盾吗？

书本课后题Reading13第54页第24题，答案说没有goodwill, 但是此前我在思考时，investment in Boswell 为320，Net Asset为1070-490=580，580*50%=290，实际支付的320大于290,存在30的goodwill。请问这里面我是不是哪个概念理解错了？谢谢。因为后面27题也涉及到no goodwill的问题，所以很想弄明白。谢谢！

请问该如何理解notes中关于insurance company earnings的这段话？The underwriting loss ratio measures the relative efficiency of the company’s underwriting standards (whether the policies are priced appropriately relative to risks borne), while the expense ratio measures the efficiency of the company’s operations. underwriting loss ratio不包含underwriting项，却能衡量underwriting的质量；而expense ratio中包含underwriting expense，却是用来衡量公司operation的效率？

请问该如何理解notes中关于insurance company earnings的这段话？The underwriting loss ratio measures the relative efficiency of the company’s underwriting standards (whether the policies are priced appropriately relative to risks borne), while the expense ratio measures the efficiency of the company’s operations. underwriting loss ratio不包含underwriting项，却能衡量underwriting的质量；而expense ratio中包含underwriting expense，却是用来衡量公司operation的效率？

请问该如何理解notes中关于insurance company earnings的这段话？The underwriting loss ratio measures the relative efficiency of the company’s underwriting standards (whether the policies are priced appropriately relative to risks borne), while the expense ratio measures the efficiency of the company’s operations. underwriting loss ratio不包含underwriting项，却能衡量underwriting的质量；而expense ratio中包含underwriting expense，却是用来衡量公司operation的效率？

请问该如何理解notes中关于insurance company earnings的这段话：“The underwriting loss ratio measures the relative efficiency of the company’s underwriting standards (whether the policies are priced appropriately relative to risks borne), while the expense ratio measures the efficiency of the company’s operations.”？ 为何underwriting loss ratio中没有包含underwriting项，却能衡量underwriting的质量呢？而expense ratio中包含underwriting费用，却用来衡量公司经营效率呢？

在发生恶性通胀时，current rate method产生的汇率gain或者loss也是计入利润表中吗？