btaliat
VIP Contributor
Lot of have been said about insurance and assurance but the fact is that it is high time we knew difference between these two terms as they are closely related but not the same.
Some people don't even know that life insurance is not really an insurance but assurance. I hope this post will change people's thoughts on the usage of the two terms.
In insurance, the risk may not occur. When we insure our properties, it doesn't mean that incident will are trying to idemnify will occur. But in assurance, it will surely happen.
Insurance hinges on probability, just like I explained over there, insurance is based on probability of an events. It doesnt mean the incident will happen but it is likely to happen. While assurance is a zed on possibility that thing is surely going to happen no matter what.
By now, I am very sure that we can now cited examples of both insurance and assurance. Examples of insurance include: burglary, fire, health etc while example of assurance is life.
Some people don't even know that life insurance is not really an insurance but assurance. I hope this post will change people's thoughts on the usage of the two terms.
In insurance, the risk may not occur. When we insure our properties, it doesn't mean that incident will are trying to idemnify will occur. But in assurance, it will surely happen.
Insurance hinges on probability, just like I explained over there, insurance is based on probability of an events. It doesnt mean the incident will happen but it is likely to happen. While assurance is a zed on possibility that thing is surely going to happen no matter what.
By now, I am very sure that we can now cited examples of both insurance and assurance. Examples of insurance include: burglary, fire, health etc while example of assurance is life.