Who is referred to as the "Insured" in an insurance agreement?

In an insurance agreement, the term "Insured" specifically refers to the individual or entity that is covered by the policy. This encompasses the person whose life or assets are insured against certain risks, such as accidents, health issues, property damage, or other covered events, depending on the type of insurance. The "Insured" is crucial in the contract, as the policy is designed to provide them financial protection or compensation in the event of a covered loss or occurrence. By clearly identifying who is insured, the insurance company establishes its obligations and the rights of the policyholder regarding claims and benefits.

Understanding this terminology is essential, as it differentiates the role of the insured from other parties involved in the insurance process, such as the insurer, who provides the coverage; the broker, who facilitates the transaction; and regulatory bodies that oversee compliance with laws and regulations governing the industry. Each party plays a distinct role, but it is the insured that stands central to the purpose and execution of an insurance policy.