C. Peter has a major medical insurance policy with a $8,000 deductible and an 80 - 20 percentage participation clause'. Last month, Peter was hospitalized and his covered medical expenses were $110,000 i. How much of the $110,000 will be paid by the insurer under Peter's major medical insurance policy? How much will Peter have to pay himself? Show all your calculations. 4 marks ii. Explain the purpose of a percentage participation clause in medical health insurance. 3 marks