6. A property insurer provided the following information:

Premiums written $55,000,000

Expenses incurred 9,000,000

Incurred losses & loss adjustment expenses 38,000,000

Earned Premiums 42,000,000

a. What is the loss ratio? (1 point)

b. What is the expense ratio? (1 point)

c. What is the combined ratio? (1 point)

d. What does it mean for an insurer to have a combined ratio > 1? Why might this be acceptable to the insurer? (1 point)