The Progressive Corporation (a property and casualty insurance company) reported the following in its 2016 annual report: (in millions) 2016 Unearned premiums $7,468.3 2015 $6,621.8 Loss and loss adjustment expense reserves 11,368.0 10,039.0 Net deferred income taxes 111.3 109.3 Dividends payable 395.4 519.2 Accounts payable, accrued expenses and other liabilities 2,495.5 2,067.8 Debt* 3,148.2 2,707.9 Total liabilities $24,986.7 $22,065.0 *For purposes of this exercise, assume the entire debt amount is long-term. Required: a. Explain in layman's terms when the liabilities labeled "Unearned premiums will be earned? If you were the finance manager, what would do with those "Unearned premiums"? b. What percentage of Progressive's total liabilities relates to current operating liabilities for 2016? What is the main driver of the Total Liabilities? Why? c. Which current liability reported by Progressive is the least reliably measured - that is, the most subjective? What are the implications? Fully explain