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Assurance is different from insurance in that the former is based on

Commerce
JAMB 2012

Assurance is different from insurance in that the former is based on

  • A. probability
  • B. possibility
  • C. risk
  • D. uncertainty
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Correct Answer: Option B
Explanation

Assurance is similar to insurance, with the terms often used interchangeably. However, insurance refers to coverage over a limited time, whereas assurance applies to persistent coverage for extended periods or until death. 


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