Below is Great explanation and samples of insurance and assurance.
In theory, various scholars or insurance have tried to distinguish between these two words;
First of all, some scholars said that the term insurance is used only where the risk, through probability can be ascertain i.e. it may or may not happen at a certain time in the future.
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Facts of indemnity are of this type e.g. fire and marine insurance.
Second, a building may or may not catch fire; the ship may meet a disaster or may reach the port of destination safely.
In such cases;
The policy may not sure to become a claim, while assurance should be applied to such contracts where the policy is bound to become a claim i.e. where the risk insured against must happen sooner or later.
This is so in life contracts. The man must die or must attain a particular age.
The risk is certain. According to this view, the term assurance should be used for life contracts and insurance for indemnity contracts.