What is the difference between assurance and insurance?

What is the difference between assurance&insurance?

• Answer:

  At times, the terms assurance and insurance have been used incorrectly, even interchangeably. However, these two terms have two different core meanings.AssuranceAssurance is coverage for an event that will occur. These events are guaranteed to happen at some point in time.Examples of AssuranceLife and endowment are all examples of assurance policies. These polices have an end point and will transpire.InsuranceInsurance is coverage for an event that may occur. These events happen by accident, act of nature, and/or theft.Examples of InsuranceHomeowner's, automobile, and property are examples of insurance policies. These are written to protect in the event something happens to the object of the policy.Other InformationMany companies offer both assurance and insurance policies. Typically, they do not utilize both titles in their name. This sometimes leads to further confusion between the two terms.Source:http://www.greenshield.ae/life-insurance-vs-assurance.php