Give the difference between:
a)Double and co-insurance
b)Premiums and Surrender value
Answer:
a)-Double insurance is where an insured takes the same insurance policy/insures same the same subject matter against the same risk with more than one company whereas co-insurance is where the insurance company invites other insurers to insure with them the same property against the same risk.
b)-Premium is the specified amount of money paid at regular intervals by the insured to the insurer in exchange for cover against losses arising from the insured risk whereas
surrender value is the payment of the premium before the policy matures, is the amount less than the amount of premium already paid.
b)-Premium is the specified amount of money paid at regular intervals by the insured to the insurer in exchange for cover against losses arising from the insured risk whereas
surrender value is the payment of the premium before the policy matures, is the amount less than the amount of premium already paid.
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