Discuss the Difference between Insurance and Assurance.
A)Insurance: Protection Against an Event, that Will Happen. Assurance: Protection Against an Event, that Might Happen.
B)Insurance: Protection Against an Event, that Might Happen. Assurance: Protection Against an Event, that Will Happen.
C)Both: Insurance and Assurance, Refer to the Same Thing.
D)Insurance: Guaranteed Protection, Against an Event, that Might Happen. Assurance: Protection Against an Event, that Might Happen, is Not Guaranteed.

Question

Quizplus · Accepted Answer

Insurance is typically used to protect against risks that may occur (e.g., accidents, theft, or natural disasters), implying that the event might happen. Assurance, on the other hand, is used for events that are certain to happen but at an uncertain time, like death, hence life insurance is often referred to as life assurance.

Discuss the Difference Between Insurance and Assurance