Discuss the Difference between Insurance and Assurance.
1
Insurance: Protection against an event that will happen. Assurance: Protection against an event that might happen.
2
Insurance: Protection against an event, that might happen. Assurance: Protection against an event, that will happen.
3
Both Insurance and Assurance refer to the same thing.
4
Insurance: Guaranteed protection against an event, that might happen. Assurance: Protection against an event, that might happen but is not guaranteed.