$9\mathrm{.}3$ If both the property & liability exposures are bundled together and covered under a single contract that has a profit loading equal to $28\%$ of the bundled expected losses, how much savings in premium will be achieved? $($Assume these exposures are independent and as before, don't be concerned with the time value of money.$)(2$ points$)$

$9\mathrm{.}4$ A firm has historically purchased separate policies for this property insurance and liability insurance. Each of the policies had $$4$ million retention. The company is now considering the purchase of a bundled policy which covers both property and liability exposures. The

retention of the bundled policy is to be $$8$ million. Draw a graph illustrating the areas of unnecessary coverage that will exist if the firm continues with separate policies. $(2$ points$$