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3. Low Country Insurance wants protection from windstorm losses above $2,000,000. They purchase a contract with Reliance Re such that Reliance Re agrees to the

3. Low Country Insurance wants protection from windstorm losses above $2,000,000. They purchase a contract with Reliance Re such that Reliance Re agrees to the arrangement up to $10,000,000 in losses.

a. What type of contract is this? (1 point)

b. Given windstorm damage of $7,000,000, how much does Low Country pay and how much does Reliance Re pay?

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