Insurance

Assurance

Contract between an individual and an insurance company to protect against financial loss

Promise or guarantee, often of a future event or outcome

Intended to protect against financial loss

Intended to provide confidence or a guarantee

Covers specific risks or uncertainties, such as medical expenses, car damages, or theft

Covers the promise of a future event or outcome.

Involves paying premiums in exchange for coverage

Does not involve payment at all

Involves a process of assessing the risk of a specific loss

May not require a similar process

Legally binding contract between the insured and the insurer

May not have the same level of legal obligation

Involves reimbursement of losses

Involves a different process of compensation

Heavily regulated by government

Less regulation or oversight