An actuary for the Noble Health Plan observed that the plan's actual morbidity was lower...

larger than its assumed underwriting margin, and the plan's actual expense margin was higher than its assumed expense margin

larger than its assumed underwriting margin, but the plan's actual expense margin was lower than its assumed expense margin

smaller than its assumed underwriting margin, but the plan's actual expense margin was higher than its assumed expense margin

smaller than its assumed underwriting margin, and the plan's actual expense margin was lower than its assumed expense margin