Definition: Insurance vs Assurance are two types of insurance policies. 1. Insurance - Insurance refers to a contract between an insurer and an insured for the payment of some amount for the protection or maintenance of property, life, health, or business assets. 2. Assurance - Assurance is a legal form of insurance that guarantees an insured against loss or damage to their property, assets, or bodily injury due to certain events such as fire, flood, earthquake, or other natural disasters. In simpler terms, Insurance covers the risk of loss and Assurance provides financial protection against potential losses.
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