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What is the difference between insurance and assurance?
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Insurance is a type of financial product that provides protection against financial loss in exchange for a premium, while assurance is the act or process of providing or conveying confidence, security, or certainty. Insurance typically takes the form of a contract between an insurer and an insured, which outlines the conditions and circumstances under which the insurer will cover the insured against losses or damages. Assurance, on the other hand, typically takes the form of a promise or guarantee from someone to another that something will happen or is true.