3-96 the Operating Ratio for a PC Insurer Equals

3-96 The operating ratio for a PC insurer equals

A) loss ratio plus the ratios of loss adjustment expenses to premiums earned.
B) loss ratio plus expense ratio plus dividend ratio.
C) combined ratio minus dividends paid to policyholders.
D) acquisition costs plus dividends paid as a proportion of premiums earned.
E) combined ratio after dividends minus the investment yield.