Insurance is based on something that could potentially happen during a specific time period. It is renewed once it expires, and when making a claim, you are seeking compensation for a loss sustained. You can report multiple claims during each year.
Examples of insurance can be Public Liability or Property Insurance.
Assurance covers you based on something that is guaranteed to happen at some point. The policies tend to be active for longer periods of time, with some lasting until a claim is made. A claim provides you with monetary support, and once a claim is made, the policy ceases.
A common example of this is Life Insurance.
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