4 difference between insuarance and assuarance
INSURANCE-
1. In contract of insurance, the insured must suffer or damage or loss to claim the compensation.
2. The term insurance is used when risk is uncertain it may or may not happen.
3. In insurance the compensation is paid only on happening of an event.
4. For example- fire insurance, marine insurance.
ASSURANCE-
1. In contract of assurance, the sum assured is bond to be paid whether insured suffer loss or not.
2. The term assurance is used when risk is certain and it is bond to happen.
3. In assurance the compensation is paid whether the event happens or not.
4. For example- life insurance.
1. In contract of insurance, the insured must suffer or damage or loss to claim the compensation.
2. The term insurance is used when risk is uncertain it may or may not happen.
3. In insurance the compensation is paid only on happening of an event.
4. For example- fire insurance, marine insurance.
ASSURANCE-
1. In contract of assurance, the sum assured is bond to be paid whether insured suffer loss or not.
2. The term assurance is used when risk is certain and it is bond to happen.
3. In assurance the compensation is paid whether the event happens or not.
4. For example- life insurance.