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AIG insurance Company receives an application from Boeing for $1 billion of liability coverage on a new aircraft under production. Primary and excess insurers

AIG insurance Company receives an application from Boeing for $1 billion of liability coverage on a new aircraft under production. Primary and excess insurers as well as reinsurers will be needed to provide this coverage. Using that scenario, define each of the following terms and identify each relates to insuring this coverage. a. Primary b. Retention c. Ceding Commission d. Reinsurer e. Retrocession f. Retrocedent g. Retrocessionaire

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