What is difference between insured and assured?

What is difference between insured and assured?

Insurance guarantees financial coverage against loss or damage caused due to an uncertain event (an event which might not necessarily happen example: fire, theft, earthquake, etc.) Assurance guarantees financial coverage against loss or damage caused due to an event that is sure to happen example Death.

What is difference between insurance and assurance Class 11?

Insurance refers to an arrangement, which provides cover for an event that can happen but not necessarily, like flood, theft, fire etc. Assurance is a provision for coverage of an event, whose happening is certain, such as death. Only at the happening of the uncertain event.

What is the difference between general insurance and life assurance?

The insurance plan which covers the life-risk of the insured is called life insurance. On the other hand, the insurance plan which covers any risk other than the life-risk of an individual is called general insurance.

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Why life insurance is called assurance?

An insurer may refer to life assurance, meaning the cover is indefinite, with no fixed expiry date, unlike a life insurance policy term. The word ‘assurance’ is used because you’re assured that a valid claim will be paid regardless of when you die, so long as you pay your premiums.

What are the 2 main types of insurance?

To learn about different types of insurance, continue reading through.

  • Health Insurance.
  • Car Insurance.
  • Homeowners or Renters Insurance.
  • Life Insurance.

What is example of assurance?

The definition of assurance is an affirmation and commitment. An example of an assurance is a construction firm stating that a job will be finished by the original projected date. A statement or indication that inspires confidence; a guarantee or pledge. Gave her assurance that the plan would succeed.

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