Milwaukee Specialty Insurance Company has had a very bad financial year.  There were many icy days in Milwaukee this winter and the company has had to pay out more claims than usual.  Given the following data, please calculate the combined ratio for MSIC:  Earned premiums:  $120 million Incurred Losses:  $95 million Investment Income:  $2 million Incurred Expenses:  $25 million

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A:

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Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.