Which of the following statements about the combined ratio is true? The combined ratio considers the company's investment income. A combined ratio less than 1 (or 100 percent) indicates that an underwriting loss has occurred. A combined ratio greater than 1 (or 100 percent means an underwriting loss has occurred. It is equal to the loss ratio minus the expense ratio. JKL Insurance Company reported the following information on its accounting statements last year: Premiums Written $90,000,000 Loss Adjustment Expenses $5,000,000 Underwriting Expenses $30,000,000 Premiums Earned $100,000,000 Incurred Losses $70,000,000 What was JKL's loss ratio last year? What was JKL's expense ratio last year? What was JKL's combined ratio last year? Bob has three liability policies which provide for contribution by equal shares if other insurance applies to a loss. How much will each policy pay for a $3,000,000 liability judgment if policy A provides $500,000 of coverage, policy B provides $1, 500,000 of coverage, and policy C provides 3,000,000 of coverage