The term “Named Insured” refers to an individual, group, or entity that is explicitly identified as the insured party in an insurance policy. This designation is significant as it determines who is specifically covered under the policy and has the rights and responsibilities stipulated within the contract. The Named Insured is typically listed on the declarations page of the policy and has the authority to make changes to the coverage, cancel the policy, and is the primary contact in the event of a claim. In addition to the Named Insured, there may be other parties who are afforded protection under the policy, known as “additional insureds,” but they do not have the same level of rights as the Named Insured. The Named Insured is often the policyholder who pays the premiums and is the main individual or entity that the insurer agrees to indemnify against losses as defined in the policy.
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