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　　QUESTION 4 HAS ONE PART FOR A TOTAL OF 9 MINUTES.
　　Southaw Property and Casualty (P&C)， also a subsidiary of Alhando Insurance Group， is a casualty insurance company whose businesses include underwriting and marketing property，marine，and automobile insurance in the United States. Despite challenging market conditions， Southaw P&C has been able to establish a competitive position by maintaining a surplus position (as a percentage of total assets) that is above the industry average. Southaw P&C is domiciled in the same state as Rightland Life. That state requires casualty insurers to set aside assets in an amount equal to 50 percent of unearned premium (income) and loss reserves； those assets must be held in the form of eligible bonds and mortgages. Remaining assets may be invested in common stocks， bonds， mortgages， and real estate without limitation on the amount invested in any particular asset class. In analyzing Rightland Life and Southaw P&C， portfolio manager Colin Anget， CFA， asks his assistant to answer the following three questions：
　　Which subsidiary has greater ability to take risk？
　　Which subsidiary has a longer time horizon？
　　Which subsidiary has greater liquidity needs？
　　Determine whether Rightland Life or Southaw P&C is the more appropriate response to each of Anget‘s three questions. Justify each of your responses by providing one characteristic of the appropriate company.
　　Answer Question 2 in the Template provided on page 11.
　　(9 minutes)
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　　2014年?C?F?A?三?級(jí)考試試題(一)