NO.PZ2020021601000005
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 and Smith discuss differences between P&C and L&H insurance companies. Smith notes the following differences:
Difference 1: L&H insurers’ claims are more predictable than P&C insurers’ claims.
Difference 2: P&C insurers’ policies are usually short term, whereas L&H insurers’ policies are usually longer term.
Difference 3:Relative to L&H insurers, P&C insurers often have lower capital requirements and can also seek higher returns offered by riskier investments.
Which of the differences between P&C insurers and L&H insurers noted by Smith is incorrect?
选项：
A. Difference 1
B. Difference 2
C. Difference 3
解释：
C is correct.
The products of the two types of insurance companies, P&C and L&H, differ in contract duration and claim variability. P&C insurers’ policies are usually short term, and the final cost will usually be known within a year of the occurrence of an insured event, while L&H insurers’ policies are usually longer term. P&C insurers’ claims are more variable and "lumpier" because they arise from accidents and other less predictable events, while L&H insurers’ claims are more predictable because they correlate closely with relatively stable, actuarially based mortality rates applied to large populations. The relative predictability of L&H insurers’ claims generally allows these companies to have lower capital requirements and to seek higher returns than P&C insurers.
解析：P&C（财险公司）和L&H（寿险公司）的产品在保单期限及理赔的不确定性方面不同。P&C公司的理赔支出更不可确定，波动大，因为其承保的事件发生往往无法预期。L&H公司的理赔支出更加可预测，因为精算师可以通过大数计算出死亡率。P&C公司保单通常是短期的，以年为单位，而 L&H公司保单期限通常很长。difference1和2都正确。由于上述的特征， L&H公司对资本金的要求相对P&C公司更低，且可以投资高收益、低流动性的产品，difference3不对，选C。
解答里说一家是财险一家是寿险，在题干里没看到啊