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Business Dictionary :
Assume, Assumption, Assure,
Assurance and Assurer
Assume, Assumption, Assure,
Assurance and Assurer
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Assume : verb : to take
• To assume all risks
• He has assumed responsibility for marketing.
Assumption : noun : taking
• Assumption of risks
Assure : verb : to insure or to have a contract with a company where if regular payments are made, the company will pay compensation if you die
• To assure someone's life
• He has paid the premiums to have his wife's life assured.
• The life assured = the person whose life has been covered by the life assurance
Assurance : noun : insurance or agreement that in return for regular payments, a company will pay compensation for loss of life
• Assurance Company
• Assurance policy
• Life assurance = insurance which pays a sum of money when someone dies
Assurer or Assuror : noun : insurer or company which insures
NOTE :
The terms Assure and Assurance are used in Britain for insurance policies relating to some thing which will certainly happen (such as death).
For other types of policies, they use the terms Insure and Insurance.