On the next 7 problems, SHOW ALL WORK. Correct answers, but…

On the next 7 problems, SHOW ALL WORK. Correct answers, but with inappropriate work, will not receive full credit. If you do not show any work, you will receive NO CREDIT.   Please be sure to submit your work for these problems in “Test 3 Work” in the TEST REVIEW AND TEST MODULE by 8:00 am. Sunday, July 27.

Calculate the loss ratio, expense ratio and combined ratio o…

Calculate the loss ratio, expense ratio and combined ratio of the following information. When answering, please show your answers for each ratio. JKL Insurance Company reported the following information on its accounting statements last year: Premiums Written                      $90,000,000 Loss Adjustment Expenses        $5,000,000 Underwriting Expenses             $30,000,000 Premiums Earned                       $100,000,000 Incurred Losses                           $70,000,000