What is assurance company

An assurance company could be a life insurance/assurance company providing benefits upon the certain death of the insured, but commonly refers to an accounting or auditing firm providing assurance services to businesses and organizations.

What's the difference between assurance and insurance?

Assurance is something which is 'assured' (or guaranteed) to happen, in this case when you pass away. A life assurance plan therefore pays out 'when' you die, rather than 'if' you die. Insurance is based on something which might happen (again you passing away), during a specific time period (or term).

Is assurance a real company?

It was acquired by Prudential in 2019 and is now a wholly owned subsidiary of Prudential Financial. Assurance IQ generally uses the name Assurance for marketing purposes. The company is based in Seattle, Washington, and sells policies through its website and independent sales agents.

What are examples of assurance services?

Assurance Services (Audit)\n\n Examples may include financial, performance, compliance, system security, and due diligence engagements.

What is the main purpose of assurance services?

Assurance services are aimed at improving the quality of information for the individuals making decisions. Providing independent assurance is a way to bring comfort that the information on which one makes decisions is reliable, and therefore reduces risks, in this case, information risk.