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？

请问老师12题

请问老师12题

请问老师为什么9题不选择A呢？

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？

对比一下31题和34题，关于DEBT34题，debt为什么不能用A-E呢？

老师，这里对CG的税叫资本利得税，Int叫利息税，Div叫什么税呀？

讲义87页，流通股，在CFA中是怎么一个定义呢？？在我国，控股股东的股份一般在三年后就是流通股了呀，为什么答案C还要把这个股份给去掉呢？？想了解一下美国股市或者CFA对此的一些观点

讲义80页最后两个词，momentum effect是个什么意思、？？