Moving to another question will save this response Question 8 of 20 Question 8 2 points Save Answer Liability Insurance Company (LIC) writes a substantial amount of commercial liability insurance. A large construction company requests 5100 million of liability insurance to cover its business operations, Lic has a quota-share treaty reinsurance contract with Bermuda Re that enables the coverage to be written immediately. Under the terms of the contract, losses and premiums are shared on a 40-60 split. UC retains 40% of the premium and pays 40% of the loss. of the premium while Bermuda will The policy premium is 12,000,000. The ceding commission is $100,000. LIC will retains retains Be sure to properly account for the ceding commission in your responses In the event of a $800,000 covered loss UC would pay 5 of the loss while Bermuda Re would pay IMPORTANT: Your answers should be rounded to the nearest Integer and should NOT include symbols (5 or MacBoc