In Property and Casualty Insurance the Combined Ratio Is Equal

In property and casualty insurance the combined ratio is equal to ______________________ divided by total premiums written.

A) the sum of the loss ratio plus loss adjustment expenses
B) the sum of the loss ratio plus general expenses and broker's commissions
C) the operating ratio minus dividends paid to policyholders
D) the nominal ratio plus the real ratio
E) 1 minus the operating ratio