Provide answers to each of the questions below. Ensure that your final answer is clearly marked and that work is shown. The following information should be used to complete your calculations. Towers Insurance Group is formed on 1/1/2020 with $10 MM (MM millions) in capital (surplus) Towers sells one commercial liability insurance policy on 4/1/2020 o Provides 12 months of coverage o Premium, all paid on 4/1/2020, equals $8 MM A $4 MM claim occurs in August 2020 and is completely paid by 10/15/2020 Another claim occurs and is reported to Towers in November 2020 o Towers estimates the claim will cost $2 MM Claim is not paid until 1/15/2021 Towers does not issue any insurance policies in 2021 New claims of $2 MM occur and are reported to Towers in the first quarter of 2021 o $1.5 MM of these claims are paid during 2021 o The remainder is expected to be paid in 2022 Expenses for Towers are as follows: 2020: $2 MM 2021: SI MM Investment Income for Towers is as follows: 2020: $1.5 MM 2021: $2 MM Determine the values of each of the following (8 points each, except for #5 and #11 which are 10 points each) 1. Unearned Premium Reserve at the end of 2020 2. Loss (or Claim) Reserve at the end of 2020 3. Earned Premiums for 2020 4. Incurred Claims for 2020 5. Earnings for 2020 6. Surplus at the end of 2020 7. Unearned Premium Reserve at the end of 2021 8. Claim Reserve at the end of 2021 9. Earned Premiums for 2021 10. Incurred Claims for 2021 11. Earnings for 2021 12. Surplus at the end of 2021