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.

Are family, non-related residents covered for insured's losses?

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.

Considerations on additional insureds

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.

Lesson 4 part I: who is an insured?

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.

Unravelling myths surrounding additional insured coverage

As in the cash surrender value method, the difference between the carrying amount of the policy and its face amount is recognized as a gain at the death of the insured, although the amount of the gain is significantly reduced.

A gap in insurance GAAP? New life insurance markets demand new accounting method

As for liability for bodily injuries or property damage to property (other than to the borrowed or hired auto itself), the BAP will provide coverage if the insured chooses the right symbol and places it next to the liability column on the declarations form; symbols 1 or 8 will provide liability coverage for hired or borrowed autos.

8 Nonownership coverage

The insurance clause in the contract asks you to add the ropes course owner to your camp's liability policy as an additional named insured.

Risk management: sweat the small stuff

1813(b)) that is an insured depository institution as defined in section 3 of the act (12 U.

Final rule--amendment to regulations A and D. (Legal Developments)

The Service asserts that A lacked an insurable interest in the lives of the 2,435 employees insured under the P policies.

Employer has insurable interest in employees

As an example, the named insured under a BAP is a corporation; it does not own any autos; it allows an executive officer to rent cars in his own name or encourages him to borrow cars when needed, in order to carry out his functions as an officer of the company.

10 Drive other car coverage

When an insured employee dies, the split of benefits usually is determined by the interests in the arrangement.

Split-dollar life insurance

It is very common for the named insured camp to enter into a variety of relationships involving the use of a third party's property or equipment.