From beginner to expert, IDNLearn.com has answers for everyone. Our platform provides trustworthy answers to help you make informed decisions quickly and easily.

Framers Insurance Company's financial statements for last year provide the following information:

Earned premiums: $2,500,000
Written premiums: $2,400,000
Incurred underwriting expenses: $480,000
Incurred losses (including loss expenses): $2,000,000
Which one of the following was Framers' expense ratio last year?

A) 16% (0.16)
B) 20% (0.20)
C) 30% (0.30)
D) 33% (0.33)