When Insurance becomes Assurance.
Assurance is exactly the same as insurance except for the fact that insurance might not happen, assurance on the other hand will happen.The insurance company knows it will happen and so do you, nobody questions that fact.
A classic example is "life insurance", neither you nor the insurance company doubt that you will pass away at some stage, the only question is when.
So when you pass away, you are assured that a certain even will happen, (maybe a cash payout, funeral expenses will be met and so on).
Insurance companies basically take a certain risk that the known event will not happen for a very long time.
It is not uncommon that assurances to have a time limit, (then it becomes an insurance as the action might not happen in the given time frame).
The main reason why the term "assurance" is not used is because the outcome is of no consequence to the company.The fact that an event was a certainty will not prevent the outcome in case of the event.
More Definitions
What is better, assurance or insurance?
They are both the same terms. The term assurance is mostly only used in the UK, (as in life assurance).
Phillip Wasserman and Phillip Roy Financial Services File Malicious Prosecution Lawsuit Against Attorney John Hargrove
2007 - 11 - 21
Phillip Wasserman and Phillip Roy Financial Services, one of the nation's leading sellers of annuities and life insurance, have filed suit against Ft. Lauderdale based attorney John Hargrove and the firm of Gordon, Hargrove and James alleging malicious prosecution and other claims for relief. Phillip Wasserman and Phillip Roy Financial Services allege that Hargrove and his firm engaged in a scheme to defraud the courts by alleging that multi-millionaire retirees are not of sound mind to purchase annuities but yet are of sound mind to contract with them as attorneys. Wasserman and his firm also allege that Hargrove and his firm have filed dozens of similar cases in Florida courts as part of an overall scheme of coercion and have misrepresented their clients' mental health in order to recover attorney's fees. (PRWeb Nov 20, 2007)
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Phillip Wasserman and Phillip Roy Financial Services File Malicious Prosecution Lawsuit Against Attorney John Hargrove
2007 - 11 - 21
Phillip Wasserman and Phillip Roy Financial Services, one of the nation's leading sellers of annuities and life insurance, have filed suit against Ft. Lauderdale based attorney John Hargrove and the firm of Gordon, Hargrove and James alleging malicious prosecution and other claims for relief. Phillip Wasserman and Phillip Roy Financial Services allege that Hargrove and his firm engaged in a scheme to defraud the courts by alleging that multi-millionaire retirees are not of sound mind to purchase annuities but yet are of sound mind to contract with them as attorneys. Wasserman and his firm also allege that Hargrove and his firm have filed dozens of similar cases in Florida courts as part of an overall scheme of coercion and have misrepresented their clients' mental health in order to recover attorney's fees. [PRWEB Nov 20, 2007]
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'Pre-Shoppers' Make Their Finance, Insurance and Broadband Purchasing Decisions at Buddy Sites
2007 - 11 - 21
Less than a year after the launch of MoneyBuddy.com.au, Australia’s fastest growing personal finance information and comparison site, Yield Media has expanded its portfolio. The Buddy network of sites has gone live with the addition of a broadband information site, an investment information site and insurance information site. (PRWeb Nov 20, 2007)
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Disclaimer
Please note that this website is for information only. Whilst every care has been taken to provide accurate information the complex nature of insurance, cover and compensation mean that you are responsible for the final decision on what action should be taken.
You need to take special care to ensure that the advice given applies to you country, state or jurisdiction.
