Question

Mention the differences between assurance and insurance.

Answer 1

Explanation:

Insurance provides financial coverage for unforeseen circumstances surrounding an event, such as fire, theft, or flooding. Assurance provides coverage for events that will occur, such as death. ... A life assurance policy will always result in a payment being made because the investment is combined with the sum insured.

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Answer 2

• Insurance refers to an arrangement, which provides cover for an event that can happen but not necessarily, like flood, theft, fire etc. Assurance is a provision for coverage of an event, whose happening is certain, such as death. Only at the happening of the uncertain event.