answer all questions with explanation

a) List the Five (5) distinct legal characteristics on insurance contracts. (5 marks) b) A 7-Elevent store incurred the following covered losses, in order given during the policy year in Table 1. Table 1 Loss Loss Amount (RM) 1 4500 2 5000 3 10,000 i. How much would the insurer pay for each loss if the policy contained a straight deductible of RM1000 in Table 2? Table 2 Loss Loss Amount (RM) Claim Amount Payable (RM) 1 4500 2 5000 3 10000 (6 marks) i. Ziana Zain has an individual medical expense policy with a deductible of RM1,000. She is required to pay 20% of covered expenses in excess of deductible. The insurer will pay 80% of expenses in excess of deductible. If Ziana Zain has eligible medical expenses of RM26,000, how much will be paid by her insurer? (6 marks)