Assurance companies are the exact same thing as insurance companies, but sometimes refer to long term insurance companies only. Assurance works on a "risk sharing" model. In essence, individuals' risk profiles are assessed by an assurance company and a suitable premium is decided upon. In return for a monthly premium, the assurance company assumes the risk of something happening to you or your property in return for your monthly premium. Assurance companies either offer a range of products to suit their clients' needs or cater for specific niche markets. Short-term vehicle and household insurance is probably the most common type of assurance available today. Life and health insurance are also quite common. More niche markets often cater for celebrities or other affluent people rather than the general public. Niche market products can include vintage and exotic cars, historic art works and even body parts. It is often prudent to do your research properly before selecting an assurance company to ensure their products suit your insurance needs.