Definition: The word "assure insurance" refers to a type of insurance policy that guarantees the payment of a sum of money or other assets in exchange for the promise of future benefits, which can include property damage, medical expenses, and legal claims. The term was coined by insurance professional John L. O'Neil in 1906 as part of his "Insurable Interest" theory. This theory posited that an individual's right to a share of profits from their own investments is protected if the investment involves a risk they cannot fully predict or control, and therefore requires additional protection. Assure insurance policies typically require a payment for future benefits, which can include property damage, medical expenses, and legal claims. The policyholder agrees to pay back the premium amount if the insured event occurs, but this obligation is limited in duration by the length of the policy or the nature of the claim made.

assure insurance