12. This question is based on the following information from the annual statement for Logan Insurance Company. The loss ratio (financial basis) is. (round to the nearest hundredth). Gross written premiums $50,000,000 Reinsurance premiums $10,000,000 Unearned premiums at the beginning of the year $10,000,000 Unearned premiums at the end of the year $15.000.000 Losses incurred $21.000.000 Loss adjustment expenses incurred $7.250,000 Underwriting expenses incurred $8,750,000 Net irwestment income $4,000,000