There is often some confusion about the use of the terms ‘assurance’ and ‘insurance’, ‘assured’ and ‘insured’. Generally assurance refers to life policies and insurance to indemnity policies, since the death of the insured person is a certainty, whereas indemnity insurance is in respect of an event which may never happen. In this chapter, the words ‘insurance’ and ‘insured’ are used throughout for both categories. The person taking out the insurance is the insured (or policyholder) whereas the insurance company is the insurer.
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