Travel and Holiday Insurance - Glossary of Terms

Insurance

A contract in which payment of premiums covers the insured against something which may, or may not occur. For example car insurance covers the insured against accidents, damage or theft which may occur. The difference between insurance and assurance is insurance provides protection against events which may or may not happen, whereas assurance, as in life assurance, provides cover for the inevitable - i.e. death (of the policy holder).

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