An insured is a person or entity that is covered by insurance policy. He/she is the one who is entitled to receive benefits from an insurer after experiencing a loss or damage of his or her properties. In life insurance, beneficiaries receive death benefits once a policyholders die.
Definitions of insured:
- An person who is entitled to receive benefits of an insurance policy.
- An client of an insurance.
- A person or an entity that reimbursed by the insurer once experience financial loss.
- A beneficiary of an insurance policy.
An insured can be a policyholder or additional insured.
A policyholder (sometimes named insured or contract holder) is a person whose insurance policy is registered by his or her name. He or she is the owner of a policy and can make some changes in a policy or terminate it.
An additional insured is any person or entity that is covered by insurance other than a policyholder.
Insured vs. insurer
An insured is a person or entity that is covered by insurance and receives benefits or sum assured from an insurer when experience financial loss. While an insurer is a company that promises to compensate insured's financial loss.
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