XYZ Insurance Company provides the following financial information for the year: Premiums Earned: $3,000,000 Premiums Written: $3,250,000 Incurred Losses: $1,500,000 Loss Adjustment Expenses: $350,000 Underwriting Expenses: $600,000 Given this information: Loss Ratio, Expense Ratio and Combined Ratio 1. Premium Revisions: Due to a change in accounting standards, XYZ Insurance Company realized that the Premiums Earned were overreported by 4% while the Premiums Written remained the same. Recalculate the Loss Ratio, Expense Ratio, and Combined Ratio based on this adjustment. 2. Unforeseen Events: In the fiscal year, XYZ Insurance Company encountered a significant fraudulent claim which added $500,000 to their Incurred Losses. Determine the new Loss Ratio and Combined Ratio considering this. 3. Expense Distribution: From the total Underwriting Expenses, 45% were related to commission costs, 35% were attributed to operational costs, and the rest were administrative expenses. Calculate the exact amount for each category. 4. Reinsurance Contract: XYZ Insurance Company cedes 8% of its Premiums Written to a reinsurer. However, they also managed to recover $250,000 in losses from their reinsurance partner. Adjust the Loss Ratio taking this recovery into account. 5. Portfolio Earnings: Suppose XYZ Insurance Company had an impressive year in its investment portfolio and secured an income of $225,000. This income contributed to decreasing the overall operational expenses by 12%. Evaluate how this additional income influences the Expense Ratio and the Combined Ratio