2007-01-15 20:19:33 · 4 answers · asked by imnot_myself 2 in Business & Finance ➔ Insurance
More specifically if I guarantee you I have the lowest price for example....I'll beat any other price you find for that item.
If I or the manufacturer offer a warranty on the product (usually 90 days or a year) There are specific things, like an electronic item that stops working, or the transmission on a new car, that will be repaired or replaced at no cost to you during the period specified. Other things, say breakage from carelessness won't be included in a warranty.
2007-01-15 20:58:49 · answer #1 · answered by SantaBud 6 · 0⤊ 0⤋
From an insurance point of view - a guarantee is a promise. An insurance company does NOT insure the promise on behalf of the manufacturer, if the manufacturer promises something about the product. The guarantee is a promise from the insurance company that they will pay a claim under XYZ conditions.
A warranty is a policy condition, where the insured's failure to KEEP the policy condition voids coverage. For example, you have a special policy on that Picasso painting over your fireplace - there is an "alarm warranty" on the policy. If you disconnect the fire/theft alarms, then the policy is void - it doesn't have to pay if the painting is burned or stolen.
2007-01-16 00:32:44 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
Guaranty means complete replacemtent while warranty deals with correcting the defects or problems within the warranty period.
2007-01-15 22:24:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
a guarantee is a promise that your product is whatever they guarantee it to be
a warranty is a period of time in which if anything happens to the product it can be brought back in exchange for money/a new item
2007-01-15 20:23:34 · answer #4 · answered by trainwreckBud 2 · 0⤊ 0⤋