Assurance — a financial coverage provided for the death of a policyholder in return for his previous regular payments. This coverage is paid within a range of a life assurance program.
A life assurance program is an agreement between an assurance company and an individual (policyholder) according to which the policyholder pays a certain lump sum to the company as an investment. In return, the company covers the death of an individual whose life was assured.
Difference between Life Assurance and life insurance
Insurance covers the losses within a limited period. If the death of a policyholder happens within this period, the insurance will cover it. Then, the program will end.
Assurance covers the losses upon the death of an individual and remains in force as long as the policyholder lives. Also, assurance may be provided as a validation service by various professionals (accountants, notaries, etc.).