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The combined ratio is calculated as the sum of losses a) plus expenses plus investment income divided by the revenue on the line b) plus
The combined ratio is calculated as the sum of losses
a) plus expenses plus investment income divided by the revenue on the line
b) plus expenses divided by the revenue on the line
c) plus expenses minus investment income divided by the revenue on the line
d) divided by the revenue on the line
Please explain your answer.
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