What is the difference between insurance and assurance?
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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.
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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
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