What is an Insured?
The term Insured may refer to an individual or organization who is covered by an insurance policy. In order to be considered an Insured, the individual or organization must have an insurance policy in place and must meet the criteria outlined in the policy. The definition of an Insured can vary depending on the type of insurance policy involved. For example, in the case of a Directors and Officers (D&O) insurance policy, an Insured would typically be defined as the directors, officers, and employees of the company.
Insured in More Detail
The term Insured may also refer to a person or entity that has entered into a contract with an insurance company or other insurer to receive insurance coverage. This type of Insured will typically be the beneficiary of the insurance policy, as they will receive the benefit of the insurance in the event of a claim. It is important to note that the Insured is not always the same as the policyholder; the policyholder is the person or entity that owns the policy, while the Insured is the person or entity that is covered by the policy.
Insureds have certain rights and responsibilities under an insurance policy. These rights and responsibilities may include the right to make a claim, the right to receive benefits, and the responsibility to pay premiums. It is important for an Insured to understand their rights and responsibilities under a policy in order to ensure that they are properly protected in the event of a claim.
In summary, the term Insured may refer to an individual or organization that has an insurance policy in place and meets the criteria outlined in the policy. The Insured is the beneficiary of the policy, and has certain rights and responsibilities under the policy. It is important to understand the rights and responsibilities of an Insured before entering into a contract with an insurance company or other insurer.
Subscribe to The Shield
A bite-sized newsletter outlining industry insights & best practices for high-growth companies.