Insured is a generic term that refers to any person or entity legally entitled to receive the benefits of an insurance policy, typically claim payments. Insurers make payments to insureds after they experience a covered loss, damage, or an injury that qualifies for payment under the policy’s terms.
Who is the insured and insurer?
Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage. It is a service that an insurer provides under a particular insurance policy against a premium paid by the policyholder.
What is the role of the insured?
An insured is responsible for indemnifying the policyholder or paying for the losses suffered by the insured or a third party as a result of a covered risk.
Who is the insured on a claim?
Key Takeaways. An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.
What is another word for insured?
What is another word for insured?protectedwarrantedguaranteedcoveredsecuredcertifiedpledgedbondedassuredbound7 more rows
Who is the insured party?
Insured Party means a person, whose property interest is insured; Sample 1Sample 2Sample 3. Insured Party means a First Data Insured Party or a Western Union Insured Party.