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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)
Sagot :
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