WAEC Commerce 2003 Theory question 104

(a) Third party policy covers only the insured's liability for damage or injury to other people (third parties); it is the legal minimum and cheaper. Comprehensive policy covers third parties and also damage to the insured's own vehicle and property; wider cover, dearer.
(b) Whole life – premiums are paid until death and the sum assured is paid to dependants only on death. Endowment – premiums are paid for a fixed period and the sum is paid at the end of the period or on earlier death, so the insured may benefit in his lifetime.
(c) Insurance covers risks that may or may not happen (fire, theft, accident); assurance covers an event that is certain to happen (death), only the time is uncertain.
(d) Premium is the amount the insured pays to the insurer for cover, paid before any loss; compensation is the amount the insurer pays the insured after a loss.

Give at least one clear difference for each pair.