(i) When more than one Insurance policy is taken to cover the same subject matter i.e. risk, then it is known as Double Insurance. 
(ii) Whenever there is Double Insurance, the principle of contributions becomes applicable.
(iii) It applies to all contracts of Insurance except life and Personal Accident Insurance.

(i) The subject matter in the case of Life Insurance  is human life.
(ii) The subject matter in the case of Fire Insurance is any physical property or Assets.
(iii) The subject matter in the case of Marine Insurance is Ship, Cargo or Freight.

(i) It is a contract of insurance, in which an insurer enters into a contract with another insurer to insure the whole or a part of risk covered by the first insurer.
(ii) It happens when an insurance company feels that it cannot bear the entire risk alone by itself.
(iii) In such case, it transfers a part of the risk to other insurance companies.

(i) The surrender value is the cash value of the policy which is payable to policy holder if he decides to terminate the contract.
(ii) This surrender value is the amount of premium paid which is returned to the policy holder at the time of surrendering the policy.

(i) According to section 39 of the Insurance Act, 1938, nomination is the process of appointing or nominating a person or persons by the insured, to receive the payment of the policy, in the event of death.
(ii) The person who is authorized to receive the payment of the policy is called nominee.