Time left 0:28:17 The reinsurer is the first Insurer that provides claims services to the Insured after a loss occurs. O a. True O b. False All of the following statements about claim settlement are true EXCEPT: O a. A public adjustor represents the insured and not the insurer. O b. A public adjustor is a salarled employee who works for one Insurer. Oc. An Insurance agent often has authority to settle small first-party claims up to some limit O d. An independent adjustor might be an individual that adjusts claims for a fee. ABC Insurance Company entered into a surplus share treaty reinsurance agreement with XYZ Re. ABC has a retention limit of $500,000, and 5 lines of Insurance are ceded to XYZ Re. How much will ABC pay if a $500,000 property insured by ABC suffers a $50,000 loss? a. $500,000 Ob. $50.000 O c. $0 Od. $8333.33