Complex sentence: Assurance is similar to insurance, with the two terms often used interchangeably, but insurance specifically protects policyholders from events that might happen and provides remuneration to them if and when those adverse events happen.
Split into simpler sentences: Assurance is similar to insurance, with the two terms often used interchangeably. However, insurance specifically protects policyholders from events that might happen and provides remuneration to them if and when those adverse events happen.