What is double insurance and reinsurance?
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A policy is an insurance contract; in the case of reinsurance, the cedant is the insurer who buys the insurance and pays a premium to the reinsurer.Double insurance, on the other hand, occurs when a person or business has two insurance policies for the same item running at the same time
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Disasters can result in huge payoutsfor insurance companies. This lessonlooks at how reinsurance is used to reduce these huge payouts, as well as what happens when a person or company has double insurance.
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