Question of 20 Question 8 2 points Lability insurance Company (LIC) writes a substantial amount of commercial liability insurance. A large construction company requests 100 million of abity insurance to cover its business operations. LC has a quota-share treaty reinsurance contract with Bermuda Re that enables the coverage to be written immediately. Under the terms of the contractors and premium are shared on a 40-60 split. UIC retains 40% of the premium and pays 40% of the loss The policy premium is $2,000,000. The ceding commission is $100.000. LIC will retain of the premium while Bermuda will retain Be sure to properly account for the ceding commission in your responses in the event of a $800,000 covered loss. LIC would pays of the loss while Bermuda Re would pays IMPORTANT: Your answers should be rounded to the nearest Integer and should NOT include symbols (o Question 10 1 points Eastern NM Insurance Company entered into an excess of loss treaty reinsurance arrangement with Texas Reto cover catastrophic hat losses occuring this year. Texas Regrees to cover loss occurrences exceeding 35.000.000 but only to a maximum amount of $15.000.000. Shortly after the agreement was initiated an 100 year hailstorm ocurred causing 10.000.000 of covered los Eastern NM Insurance Company will pay a total of while Texas Re will pay IMPORTANT: Your answers should be rounded to the nearest Integer and should NOT include symbols (0) Question of 20 Question 8 2 points Lability insurance Company (LIC) writes a substantial amount of commercial liability insurance. A large construction company requests 100 million of abity insurance to cover its business operations. LC has a quota-share treaty reinsurance contract with Bermuda Re that enables the coverage to be written immediately. Under the terms of the contractors and premium are shared on a 40-60 split. UIC retains 40% of the premium and pays 40% of the loss The policy premium is $2,000,000. The ceding commission is $100.000. LIC will retain of the premium while Bermuda will retain Be sure to properly account for the ceding commission in your responses in the event of a $800,000 covered loss. LIC would pays of the loss while Bermuda Re would pays IMPORTANT: Your answers should be rounded to the nearest Integer and should NOT include symbols (o Question 10 1 points Eastern NM Insurance Company entered into an excess of loss treaty reinsurance arrangement with Texas Reto cover catastrophic hat losses occuring this year. Texas Regrees to cover loss occurrences exceeding 35.000.000 but only to a maximum amount of $15.000.000. Shortly after the agreement was initiated an 100 year hailstorm ocurred causing 10.000.000 of covered los Eastern NM Insurance Company will pay a total of while Texas Re will pay IMPORTANT: Your answers should be rounded to the nearest Integer and should NOT include symbols (0)
