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(a) Double and co-insurance
It is where an insured takes the same insurance policy / insures the same subject matter against
the same risk with
more than one insurance company. Whereas co-insurance is whereby one insurance company
invites other insurers
to insure with them the same property against the same risk.
(b) Premiums and surrender value
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 an insured risk. Whereas surrender payment of the premium
before the policy
matures, is an amount less than the amount of premium already paid.
gideon1 answered the question on October 1, 2017 at 14:47
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