This is a very simple question but it's still bugging me! I understand how AWP contracts work - the notes have a good description. I also understand how they're different to CWP - sort of. According to the Flashcards it's to do with the amount of benefit that each premium gives rise to being explicit for AWP and implicit for CWP. What I don't get is - exactly how does CWP operate? What does that difference in premium vs benefit look like? The cards also state that using CWP defers surplus distribution more than AWP, but I'm not sure why that's the case. Does it rely more on TB? I've read a lot of descriptions online (the course notes seem to gloss over it), and they all sound exactly like AWP to me. The descriptions I've read are along the lines of: Regular premiums paid Guaranteed minimum benefit Regular smoothed bonuses Possible special bonuses RBs become guaranteed Terminal bonus at time of claim .....which is exactly what I'd write if you asked me how AWP operates. What am I missing?!