Double insurance involves insuring the same property or interest twice with the same insurer, while reinsurance involves insuring the risk assumed by an insurer in a separate contract with a reinsurer. Reinsurance protects the original insurer from losses by transferring part of the risk to a reinsurer, with the original insured having no interest or role in the reinsurance contract.
Double insurance involves insuring the same property or interest twice with the same insurer, while reinsurance involves insuring the risk assumed by an insurer in a separate contract with a reinsurer. Reinsurance protects the original insurer from losses by transferring part of the risk to a reinsurer, with the original insured having no interest or role in the reinsurance contract.
Double insurance involves insuring the same property or interest twice with the same insurer, while reinsurance involves insuring the risk assumed by an insurer in a separate contract with a reinsurer. Reinsurance protects the original insurer from losses by transferring part of the risk to a reinsurer, with the original insured having no interest or role in the reinsurance contract.
Insured in the first contract is a Original insured has no interest
party in interest in the second in reinsurance contract contract Subject of insurance is property Subject of insurance is the original insurers risk Insured has to give his consent