What Is the Difference between Insurance and Assurance?


Insurance refers to defence against an occurrence that might happen while assurance refers to protection against an occurrence that will take place. Insurance is taken to avert a risk or to provide cover against a risk while assurance is taken against an event that must happen.
2 Additional Answers
The term insurance refers to providing cover for an event that might happen while assurance is the provision of cover for an event that is certain to happen.
The difference between insurance and assurance is that insurance refers to giving cover for specified loss such as illness or death while assurance is a positive declaration intended to give confidence also said to be a promise.
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