QUESTION 4 a) Metropolitan Company estimates that 500,000 structures that they insure will generate incurred property losses and loss adjustment expenses of P50million during 2022 .If the insurer's expense ratio is 35%, what is the gross premium for this property insurance? (5 marks) (b) BIHL Insurance incurred losses and loss adjustment expenses of 476,500 and earned premiums of P775, 000 for one line of coverage in 2019 . The expected loss ratio was 70%. According to the loss ratio method, by what percentage must the company adjust the premium for this line of coverage? Explain the direction of adjustment of the premium. (5marks) (c) Explain the principle of Subrogation and its purpose and essential characteristics