Part 1What is the meaning of the term├┐reinsurance?Explain the reasons for reinsurance.Explain the term├┐securitization of risk.Part 2What unfair trade practices are each of the following insurance agents violating? Explain the terms that you use.Agent Jones offers a client to pay a portion of the premium if the client purchases a policy.Agent Peterson convinces a client to replace a life insurance policy with a new policy that adds little value.Part 3Julia owns a building worth $800,000. She insures the building for $300,000 with Company A, $400,000 with Company B, and $100,000 with Company C.├┐There is a fire, and the building sustains $100,000 in damage.How much will Julia collect in insurance?How much will each company pay?What insurance term describes this situation?What is its purpose?

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