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?

Answer rating: 100% (QA)

To calculate the expense ratio we need to divide the incurred underwriting expenses by the writ... View the full answer