Insurance:
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:
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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