Suppose you have bought a commercial liability insurance and your losses covered during the policy period are as follows: $10,000; $25,000; $50,000; $5,000; $8,000; $20,000; $100,000. How much will you pay during the policy period if your commercial liability policy has the following terms: $50,000 aggregate deductible and 100,000 policy limit?

A) $118,000

B) $150,000

C) $200,000

D) $213,000

How to obtain the following payoff with option(s) and/or future(s) on the same underlying stock (ignoring the cost of the options)?

A) Buy a call option on the stock with an exercise price of $120 and buy another call option on the same stock with an exercise price of $120.

B) Buy a put option on the stock with an exercise price of $120 and sell a future on the same stock with a future price of $120.

C) Buy a put option on the stock with an exercise price of $120 and buy a future on the same stock with a future price of $120.

D) Sell a future on the stock with a future price of $120 and sell a call option on the same stock with an exercise price of $120.