Insured


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Related to Insured: Named Insured, self insured

Insured

The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy.

insured

n. 1) the person or entity who will be compensated for loss by an insurer under the terms of a contract called an insurance policy. 2) the person whose life is insured by life insurance, after whose death the benefits go to others. (See: insurance)

See: agreed, definite, fully secured, official, safe, secure

INSURED, contracts. The person who procures an insurance on his property.
     2. It is the duty of the insured to pay the premium, and to represent fully and fairly all the circumstances relating to the subject-matter of the insurance, which may influence the determination of the underwriters in undertaking the risk, or estimating the premium. A concealment of such facts amounts to a fraud, which avoids the contract. 1 Marsh. Ins. 464; Park, Ins. h. t.

References in periodicals archive ?
Our named insured is the owner of the building on record, the insurance is in her name, and the home is the named insured's primary residence.
Therefore, if the activities of the additional insured (instead of the named insured) cause injury to someone, the named insured's CGL form will apply to a claim as long as there is some connection between the additional insured's activities and the named insured's operations or premises.
Legal representative--In the case of the death of the named insured, its legal representative has all of the insured's rights and duties under the coverage form.
Conversely, the party supplying additional insured coverage must be sure that: (a) all defense costs are paid "outside" of the limits of liability; or (b) its defense obligation is capped at a reasonable amount.
For example, if the insured borrows a car from a neighbor to make a quick pickup of a business article and has an at-fault accident, the hired auto coverage on the insured's BAP will provide liability insurance for him or her.
Additional Insured status on liability insurance policies is not automatic.
e) Undercapitalized insured depository instution means any insured depository institution as defined in section 3 of the FDI Act (12 U.
The purpose of the coverage is, in general, to grant insurance coverage to a driver of an auto that is not owned by either the driver or the named insured.
If an insured dies within three years of transferring ownership in a policy on his or her life, the proceeds are includable in his or her estate.
An insurance policy is a legal contract between the named insured (the camp) and the insurance company.
Ginnie Mae does not purchase loans but guarantees the timely payment of interest and principal for privately issued securities backed by mortgages insured by the FHA or the VA.
A chiropractor from whom the insured obtained services entered into an agreement with the insured to waive collection of the copayments.