The XYZ Insurance Company had an unearned premium reserve of $20 million at the end of 2006. During 2007, it wrote $25 million in annual premiums. At the end of 2007, its unearned premium reserve was $23 million. What were the earned premiums during 2007?
The XYZ Insurance Company had loss reserves of $7 million at the end of 2006. During 2007, it paid $7 million in losses, and had loss reserves in the amount of $6 million at the end of 2007. What were the incurred losses for 2007?