Exam Review Calculate a premium for the following exposure to risk and assume expenses and profit make up 35 percent of premium. Pick the closest answer. Event Frequency Severity No Loss 96 -0- Petty Theft .035 $15,000 Big Theft 2005 $400,000 Premium Expected Loss (1 - ER) ER = Expense Ratio (% of Premiums for Expenses and Profit), this will be given