[amp_mcq option1=”May, may not” option2=”Might, will” option3=”Must, need not” option4=”Will, will not” correct=”option1″]<\/p>\n
The correct answer is: A. May, may not<\/p>\n
Insurance is a contract between an insurance policy holder and an insurance company. The policy holder pays a premium to the insurance company, and in return, the insurance company agrees to pay the policy holder a sum of money if a certain event occurs. The event that is insured against is called a “risk.”<\/p>\n
There are many different types of insurance, but they all share the same basic principle: the insurance company pools the premiums from many different policy holders and uses that money to pay out claims to the policy holders who experience a loss. This allows the insurance company to spread the risk of loss over a large number of people, which makes it more affordable for each individual policy holder.<\/p>\n
Assurance is similar to insurance, but it is not the same thing. Assurance is a promise that something will happen. For example, if you buy a warranty on a product, the warranty is an assurance that the product will be repaired or replaced if it breaks.<\/p>\n
Insurance, on the other hand, is a contract that protects you against an event that may or may not happen. For example, if you buy car insurance, the insurance company will pay for your car repairs if you are in an accident. However, the insurance company will not pay for your car repairs if you are not in an accident.<\/p>\n
In conclusion, the correct answer to the question “Insurance refers to protection against an event that _<\/em><\/strong> happen whereas Assurance refers to protection against an event that _<\/em><\/strong><\/strong> happen” is A. May, may not.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”May, may not” option2=”Might, will” option3=”Must, need not” option4=”Will, will not” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"class_list":["post-32458","post","type-post","status-publish","format-standard","hentry","category-insurance","no-featured-image-padding"],"yoast_head":"\n