What is the difference between assurance and insurance?

What is the difference between insurance and assurance?

  • Answer:

    Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee. Assurance is an evaluation method that uses a specified set of principles and standards to assess the quality on an organization's reporting of its performance and its underlying systems, processes and competencies that underpin its performance.

lovd at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee. Assurance is an evaluation method that uses a specified set of principles and standards to assess the quality on an organization's reporting of its performance and its underlying systems, processes and competencies that underpin its performance.

varunM

varunM is correct. Assurance is a term used in the surety Industry. In the insurance industry they refer to the "insured". In the surety business they refer to the "assured" for the reasons mentioned by varunM.

tape_everywhere

varunM is correct. Assurance is a term used in the surety Industry. In the insurance industry they refer to the "insured". In the surety business they refer to the "assured" for the reasons mentioned by varunM.

tape_everywhere

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.