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Explain apex liability

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Reference no: EM133023434

Assume that Apex Fire Insurance Pty Ltd (Apex) has a retention limit of $200,000 (called a line) for a single risk but wants to increase its underwriting capacity to $1,000,000. Apex approached Geneva Re for reinsurance.

(1) Explain how this increase in underwriting capacity can be achieved.

(2) If Apex insures a property for $500,000, explain how much Apex will retain and how much Geneva Re will be liable for?

(3) A fire claim for $5,000 is lodged with Apex. Explain Apex's liability and how much Geneva Re will contribute

Reference no: EM133023434

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