1. Insured persons are different. Credit insurance is insured by the obligee against the debtor's credit risk, and guarantee insurance is insured by the debtor (guarantor) against his own credit risk.

2. The insured (also the applicant) of credit insurance is the obligee, which underwrites the credit risk of the insured (debtor). Except the insurer, the insurance contract only involves the obligee and obligor; Guarantee insurance refers to the debtor's insurance for his own credit risk at the request of the creditor. The debtor is the guarantor and is guaranteed by the insurance company, which is actually the guarantor.

In credit insurance, the insured pays the insurance premium to transfer the risk that he may suffer losses because the debtor fails to perform his obligations to the insurer. The underwriting risk of credit insurance is relatively large, so most countries that offer export credit insurance classify it as policy insurance, which is operated by a special policy insurance company set up by the government or a commercial insurance company subsidized by the government. In guarantee insurance, the premium paid by the obligor is to obtain a certificate to ensure the obligee to fulfill his obligations. In the letter of guarantee issued by the insurer, all the obligations performed are still borne by the debtor himself, and there is no risk transfer. The premium charged by the insurer is only the guarantee fee based on its credit qualification, and the risk is still borne by the debtor. Only when the debtor can't afford it, the insurer will perform the obligation on his behalf, and then recover through counter-guarantee measures. Therefore, operating guarantee insurance is relatively less risky for insurance companies.