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1. List some of the reasons why insurance companies engage in the reinsurance transaction. 2. When entering into a legally enforceable insurance contract consideration must

  • 1. List some of the reasons why insurance companies engage in the reinsurance transaction.
  • 2. When entering into a legally enforceable insurance contract consideration must exist. Explain what consideration is and the form it takes in insurance contracts.
  • 3. Explain the principle of subrogation. Provide a mathematical example of its use.

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