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Smart Aviation Insurance Company reported the following information (in millions) on its accounting statements last year: Premiums Written=$80 Loss Adjustment Expenses=$3 Underwriting Expenses=$25 Premiums Earned=$117

Smart Aviation Insurance Company reported the following information (in millions) on its accounting statements last year: Premiums Written=$80 Loss Adjustment Expenses=$3 Underwriting Expenses=$25 Premiums Earned=$117 Incurred Losses=$62 What was Smart 's loss ratio (in percent) last year?

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