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Business Studies

Principles of Insurance

What is the d...

Question

What is the difference between Insurance and Assurance?

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Solution

The term 'Assurance' is used for life insurance while 'Insurance' is a word used for other types of insurance i.e. fire, marine, miscellaneous etc. 'Assurance' is used for life insurance as it covers the risk of life which is certain to happen, only the time is uncertain.

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