1. Define each of the following:
   1. Loss reserves
   2. Unearned premium reserves
   3. Loss-adjustment expenses (balance sheet item)
   4. Policyholders surplus
   5. Loss ratio
   6. Expense ratio
   7. Combined ratio
   8. Investment income ratio
   1. Overall operating ratio
2. What are the three regulatory objectives of ratemaking?
3. Explain each of the following in the context of ratemaking.
   1. Judgement rating
   2. Class rating
   3. Pure premium method
   4. Loss ratio method
   5. Merit rating
   6. Schedule rating
   7. Experience rating
   8. Retrospective rating

Special Note: Please answer all three questions as they are short. Thank you.