Financial Terms Glossary

Assurance

Formal

A form of protection or insurance against something that will definitely happen but at an unknown date, eg Death.

Informal

This is pretty morbid - it's something that is definitely going to happen but you just don't know when. So, if you cannot manage the economic impact of such an event, take out some form of assurance to compensate your dependents or your company when the event finally occurs, eg, Keyman assurance - company insurance against the death of its key employees.

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