Insured

The term “insured” refers to an individual or entity who is covered under an insurance policy. In the context of an insurance contract, the insured is the person or party that has been granted protection against certain risks or losses by the insurance company, in exchange for the payment of a premium. The scope and extent of this protection are outlined in the policy’s terms and conditions. The insured can be a single individual, a group of people, a corporation, or any other legal entity that the insurance policy recognizes as eligible to receive benefits or compensation in the event of a covered loss. The insured relies on this arrangement to mitigate potential financial burdens that may arise from unforeseen events such as accidents, natural disasters, illness, or theft. It is important to note that the insured must adhere to the policy’s stipulations to maintain coverage and to ensure that claims made in the event of a loss are honored by the insurer.