The related data of Mimi Company: 1 2 Insurance Portfolio P1.800.000 P1,200,000 Inception March 31, 2020 August 15, 2020 Contract period 18 12 Insurance claims 1.080,000 900.000 296 296 Commission fee per portfolio Investment returns Start of collection 43.200 36.000 Start of contract Start of contract Under existing policies, the entity would spread the premiums, the claim expense, and the commissioning costs over the life of the policy. What is the amount of insurance contract liability in 2020