20:49
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LSDefine
Simple English definitions for legal terms
insured
Read a random definition: single-means claim
A quick definition of insured:
Insured: A person or group of people who have insurance to protect their life, health, or property. If something bad happens, like an accident or damage to their property, the insurance company will pay them money to help fix it. The insurance policy is like a contract that explains what the insurance company will do if something goes wrong. The person or group who buys the insurance is called the policyholder, but they might not be the same as the insured person.
A more thorough explanation:
Definition: An insured is a person or organization that has their life, health, or property covered by an insurance policy. If the insured experiences a loss, the insurer is obligated to pay the proceeds of the insurance policy. The insurer is the party in the insurance contract that promises to pay compensation. The insurance policy is the contract that outlines the conditions and circumstances under which the insurer will indemnify the insured or other named beneficiaries. The policyholder is the person or organization that purchases the insurance.
- John has car insurance. If he gets into an accident and his car is damaged, the insurance company will pay for the repairs. John is the insured.
- ABC Company has liability insurance. If a customer is injured on their property and sues them, the insurance company will pay for the legal fees and any damages awarded. ABC Company is the insured.
These examples illustrate how the insured is the person or organization that is protected by the insurance policy. If they experience a loss, the insurer is responsible for paying for the damages or losses covered by the policy.