Question
In relation to the Accounts of Insurance Companies, which of the following statements are correct? (i) Re-insurance means the transfer of a part of risk by the insurer. (ii) When the same risk and the same subject matter is insured with more than one insurer,
In relation to the Accounts of Insurance Companies, which of the following statements are correct? (i) Re-insurance means the transfer of a part of risk by the insurer. (ii) When the same risk and the same subject matter is insured with more than one insurer,
i.e. more than one insurance company, the same is called Double Insurance. (iii) Assurance Company means an insurance company that shifts part or all of a risk it has assumed to another insurance company.
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