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Definition of 'Assurance'

Assurance is a term that is used in a variety of contexts, but it generally refers to a guarantee or a promise that something will happen or be the case. In the financial world, assurance can refer to a number of things, including:

* **Financial assurance:** This is a guarantee that a company or individual will be able to meet its financial obligations. This can be provided by a third party, such as an insurance company, or it can be self-generated through cash reserves or other assets.
* **Audit assurance:** This is a statement from an auditor that the financial statements of a company or organization are accurate and fair. Auditors are independent third parties who are qualified to provide this type of assurance.
* **Investment assurance:** This is a guarantee that an investment will perform in a certain way. This type of assurance is often provided by investment advisors or brokers, but it can also be provided by insurance companies.

Assurance is an important concept in the financial world because it helps to mitigate risk and protect investors. By providing assurance, companies and individuals can help to build trust with their customers and partners.

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