1-why do we purchase assurance?
There are many different types of assurance that people purchase, such as insurance, warranties, and guarantees. These types of assurance provide protection or security against certain risks or potential losses. For example, people purchase insurance to protect against financial losses due to unexpected events, such as accidents, natural disasters, and illnesses. Warranties and guarantees offer protection against defects or problems with products or services. In general, people purchase assurance to reduce the financial impact of unexpected events or problems and to provide peace of mind.