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Please show your work on how you got the answer. Exercise: Combined Ratio Granite...

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Please show your work on how you got the answer.

Exercise: Combined Ratio Granite Insurance Company had claims and expenses of $425 million last year. The company's premium income was $450 million. What was the company's combined ratio? 2. Granite Insurance Company's combined ratio two years ago was 1.035. A review of that year's financial statements showed the company paid $4.5 million in income taxes. Why was the company required to pay income taxes when its underwriting activities produced a loss

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