B Com Exam > B Com Notes > Principles of Insurance > Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance PDF Download
Difference between Re-Insurance and Double Insurance
An insurance company generally undertakes the risks according to its capacity. Sometimes a company undertakes more risks than its capacity. It tires to share the risk with some company in case of its occurrence.
Re-Insurance
When the insurance company insures the risk with some other insurance company, it is called Re-insurance. The re-insurance may be for the full amount of the policy or for a part of it. In case of loss the first company will get compensation from the second company. The insured will be concerned only with the company from which it purchased insurance policy. Re-insurances is between insurance companies only.
Double Insurance
Double insurance means purchasing more than one policy for the same subject. A person may get two or more policies on his life. He can claim the amount of all these policies. The implications of double insurance are different in fire and marine insurance. When a person purchases two ore more policies for his property, he cannot claim the same amount as that of loss from different companies. He will be able to claim only total loss from one or more companies. The loss will be contributed by the insurance companies in proportion to the policies issued by them.
The document Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance is a part of the B Com Course Principles of Insurance.
All you need of B Com at this link: B Com
|
49 videos|51 docs|14 tests
|
FAQs on Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com - Principles of Insurance
| 1. What is double cover reinsurance? |  |
Ans. Double cover reinsurance is a type of reinsurance agreement where the reinsurer provides coverage to the insurer for a specific risk, but the insurer also retains a portion of that risk. In this arrangement, the insurer and the reinsurer share the risk and the premium for the coverage.
| 2. How does double cover reinsurance work? | |
Ans. In double cover reinsurance, the insurer transfers a portion of the risk to the reinsurer, who agrees to provide coverage for that portion. However, the insurer also retains a portion of the risk and continues to provide coverage for it. This arrangement allows the insurer to have additional protection against large claims or losses.
| 3. What are the benefits of double cover reinsurance? | |
Ans. Double cover reinsurance offers several benefits to both the insurer and the reinsurer. For the insurer, it provides an additional layer of protection against large claims or losses, reducing their exposure to risk. It also allows them to retain some control over the risk and maintain a direct relationship with the policyholder. For the reinsurer, it provides an opportunity to earn premium income while sharing the risk with the insurer.
| 4. What types of risks are typically covered under double cover reinsurance? | |
Ans. Double cover reinsurance can be used to cover various types of risks, such as natural disasters, liability claims, property damage, or any other risks that the insurer wants to transfer partially to the reinsurer. The specific risks covered will depend on the terms and conditions of the reinsurance agreement.
| 5. How is the premium calculated in double cover reinsurance? | |
Ans. The premium for double cover reinsurance is typically calculated based on the portion of the risk transferred to the reinsurer. The reinsurer will charge a premium for covering that portion, and the insurer will continue to charge its own premium for the portion of the risk retained. The total premium paid by the insurer will be the sum of the premium charged by the reinsurer and the premium charged by the insurer for the retained risk.
Related Exams
About this Document
|
4.84/5 Rating |
|
Oct 25, 2024 Last updated |
Document Description: Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com for B Com 2024 is part of Principles of Insurance preparation.
The notes and questions for Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com have been prepared according to the B Com exam syllabus. Information about Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com covers topics
like and Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com Example, for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com.
Introduction of Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com in English is available as part of our Principles of Insurance
for B Com & Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com in Hindi for Principles of Insurance course.
Download more important topics related with notes, lectures and mock test series for B Com
Exam by signing up for free. B Com: Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance
Description
Full syllabus notes, lecture & questions for Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance - B Com | Plus excerises question with solution to help you revise complete syllabus for Principles of Insurance | Best notes, free PDF download
Information about Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com
In this doc you can find the meaning of Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com defined & explained in the simplest way possible. Besides explaining types of
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com theory, EduRev gives you an ample number of questions to practice Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com tests, examples and also practice B Com
tests
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Viva Questions
,Previous Year Questions with Solutions
,shortcuts and tricks
,Important questions
,Double cover- Reinsurance - Concept of Insurance
,Principles of Insurance
,video lectures
,B com | Principles of Insurance
,past year papers
,B com | Principles of Insurance
,Extra Questions
,Free
,Exam
,Double cover- Reinsurance - Concept of Insurance
,Objective type Questions
,Sample Paper
,Principles of Insurance
,Summary
,practice quizzes
,Double cover- Reinsurance - Concept of Insurance
,B com | Principles of Insurance
,Semester Notes
,mock tests for examination
,study material
,ppt
,MCQs
,Principles of Insurance
;
Additional Information about Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com for B Com Preparation
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com Free PDF Download
The Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com is an invaluable resource that delves deep into the core of the B Com exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com now and kickstart your journey towards success in the B Com exam.
Importance of Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com
The importance of Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com cannot be overstated, especially for B Com aspirants.
This document holds the key to success in the B Com exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com Notes
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com Notes on EduRev are your ultimate resource for success.
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com B Com Questions
The "Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com B Com Questions" guide is a valuable resource for all aspiring students preparing for the
B Com exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com on the App
Students of B Com can study Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup