In property and casualty insurance the combined ratio is equal to $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ divided by total premiums written.

In property and casualty insurance the combined ratio is equal to $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ divided by total premiums written.

the nominal ratio plus the real ratio

the sum of the loss ratio plus the expense ratio

the sum of the loss ratio plus loss adjustment expenses

the operating ratio minus dividends paid to policyholders

$1$ minus the operating ratio