Question 8 Liability Insurance Company (LIC) writes a substantial amount of commercial liability insurance. A large construction company requests 5100 million of ability insurance to cover its business operations, uc has a quota share treaty reinsurance contract with Bermuda Re that enables the coverage to be written immediately. Under the terms of the contract, losses and premiums are shared on a 10-90 split. LIC retains 10% of the premium and pays 10% of the loss The policy premium is $2,000,000. The ceding commission is 5100.000. LC will retains of the premium while Bermuda will retains Be sure to properly account for the ceding commission in your responses of the loss White Bermuda Re would pays In the event of a 800.000 covered loss, I would pay 5 IMPORTANT: Your answers should be rounded to the nearest integer and should NOT include symbols (5 or