1. Property and casualty insurance companies must maintain two legal reserves. What are they and what do they represent ?

2.Under surplus- share agreement, Gull Insurance has a retention limit 488,930 per exposure unit and can transfer \$1,740,400 ti Bahrain Ro Gulf insured a shopping conter valued at \$1,880,500 . months later minor fire caused a loss of 30,000How much will the reinsurer pay towards the loss? (Show all calculations