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The time horizon of a non-life insurance company differs from that of a pension fund in that a nonlife insurance company’s time horizon: A. is dependent on the uncertainties of policies sold, whereas the time horizon of a pension fund is a direct consequence of the business cycle. B. is quite long due to the uncertainty of the liability structure associated with policies sold, whereas a pension fund's time horizon will be much shorter due to the finite life of employees. C. may be quite short and will depend upon the characteristics of policies sold, whereas a pension fund's time horizon may be much longer, depending on workforce characteristics. |