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).
Integrating Electronic Signing in Complex Business Processes Over the Web: The 3rd in a Series of New Whitepapers From Silanis Technology
2006 - 02 - 08
Silanis Technology, the industry’s most experienced electronic signature provider with more than two million consumers and users in business and government, today released a new whitepaper on its online resource center. Entitled “Business Process Integration Meets Electronic Documents and Signatures”, the whitepaper presents the considerations for integrating electronic signing in complex business processes and high-risk transactions over the web. [PRWEB Feb 7, 2006]
Full Story
Washington, DC Hosting Bird Flu Summit for Businesses
2006 - 02 - 08
Business leaders will have access to bird flu experts from around the world to address pandemic prevention, preparedness, response and recovery February 27-28, 2006, at Washington, DC's first Bird Flu Summit. [PRWEB Feb 7, 2006]
Full Story
American Apartment Owners Association Unveils Updated Vendor Directory
2006 - 02 - 08
The American Apartment Owners Association, the nation’s leading landlord and income property owner association, releases the latest version of its vendor directory. [PRWEB Feb 7, 2006]
Full Story
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.
