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    Des10's Avatar
    Des10 is offline Newbie 510 points
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    Insurance vs assurance

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    hi guys,,,
    Insurance and assurance are too closely related terms and some times misinterpreted as the same.In general, the term insurance refers to providing cover for an event that might happen while assurance is the provision of cover for an event that is certain to happen.

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    helmetsandarmor143 is offline Permanently Banned 510 points
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    Assurance is either a pledge or promise intended to inspire confidence; confidence in one’s ability or certainty, in other words, it is the freedom from uncertainty. Insurance on the other hand, is a guarantee of financial protection against any loss or harm in return for a fee (premium).On the other hand In life insurance alone, there are policies that provide cover only and the family of the person receive the amount in the event of death of the person and nothing if he survives the period of the policy. But majority of people go for insurance policies of limited time period where they receive the amount proposed along with bonus that has accrued at the end of the term of the policy.

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