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baddestbunny
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Simple English definitions for legal terms
assured
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A quick definition of assured:
Assured: A person who has insurance coverage to protect them from any loss or damage mentioned in the insurance policy. This means that if something bad happens, the insurance company will pay for it. Sometimes, the terms "insured" and "assured" are used interchangeably, but usually, the person who the policy is written for and who will receive the payment is the same person who owns the thing being insured. For example, if you have car insurance, you are the assured and the insured because you own the car and the policy is written for your benefit. However, sometimes someone else might buy insurance for you, like a wife buying life insurance for her husband. In that case, the wife is the assured and the husband is the insured.
A more thorough explanation:
Definition: Assured refers to a person who is protected by an insurance policy against any loss or damage mentioned in the policy. The terms "insured" and "assured" are often used interchangeably in the context of insurance.
- John purchased a car insurance policy from XYZ Insurance Company. He is the assured in this case, as he is protected against any loss or damage to his car mentioned in the policy.
- When Sarah bought a life insurance policy for her husband's life, she became the assured, and her husband became the insured. This is because Sarah is the person for whose benefit the policy is written and to whom the loss will be payable.
These examples illustrate how the term "assured" is used in the context of insurance. In both cases, the person who purchased the insurance policy is protected against any loss or damage mentioned in the policy, and is therefore referred to as the "assured".