As nouns the difference between assurance and contract
is that
assurance is the act of assuring; a declaration tending to inspire full confidence; that which is designed to give confidence while
contract is an agreement between two or more parties, to perform a specific job or work order, often temporary or of fixed duration and usually governed by a written agreement.
As an adjective contract is
(obsolete) contracted; affianced; betrothed.
As a verb contract is
(ambitransitive) to draw together or nearer; to shorten, narrow, or lessen.