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
What was JKL's loss ratio last year?
A) 70.0 percent
B) 75.0 percent
C) 83.3 percent
D) 90.0 percent
Question 2
Which of the following items would appear in the income section of an insurance company's income and expense statement?
A) underwriting expense
B) bonds
C) loss reserves
D) premiums
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