What do you mean by insured?
Asked by: Prof. Imelda Labadie | Last update: February 11, 2022Score: 4.2/5 (14 votes)
Insured is a generic term that refers to any person or entity legally entitled to receive the benefits of an insurance policy, typically claim payments. Insurers make payments to insureds after they experience a covered loss, damage, or an injury that qualifies for payment under the policy's terms.
What do you mean by insurer and insured?
As mentioned earlier, the 'insurer' is the one calculating risks, providing insurance policies, and paying out claims. The 'insured,' on the other hand, is the person (or people) covered under the insurance policy.
What does it mean when a company is insured?
When a company is insured, it means that it has transferred any number of risks to a third party through an insurance product. There are many types of commercial insurance that can protect businesses from a variety of risks, but keep in mind that not every business needs every type of insurance.
What does name of insured person mean?
Named Insured — any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an "insured."
Who is insured member?
2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover. 4) The proposer is the person who takes the cover and is also called the policyholder.
Insurance Explained-Definition of Insurance- Difference Between life and general insurance
What is another word for insured?
In this page you can discover 27 synonyms, antonyms, idiomatic expressions, and related words for insured, like: safeguarded, protected, covered, warranteed, guaranteed, uninsured, underwritten, secured, assured, ensured and ascertained.
How do insurances work?
The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.
What is licensed and insured?
When you say that you are licensed, bonded and insured, you have the required licensing for your business, proper insurance and you have made payments for additional coverage with a bond. A bond is like an added level of insurance on your coverage plan.
Which risk is insured?
Definition: A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk. Description: There are various essential conditions that need to be fulfilled before acceptance of insurability of any risk.
What is insurance one word?
1a : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. b : the business of insuring persons or property. c : the sum for which something is insured.
What is insurance class 11?
Insurance Insurance is a contract between the insurer and insured in which insurer agree to make good the loss of insured on happening of an event in consideration of a regular payment called premium.
Why do we need insurance?
Need for Insurance
Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.
What Cannot be insured?
An uninsurable risk could include a situation in which insurance is against the law, such as coverage for criminal penalties. An uninsurable risk can be an event that's too likely to occur, such as a hurricane or flood, in an area where those disasters are frequent.
What is a hazard in insurance?
Hazard in the Insurance Industry: An Overview. ... A hazard is a factor or activity that may cause or exacerbate a loss, such as a can of gasoline left outside the house door or a failure to regularly have the brakes of a car checked. Essentially, a hazard makes a peril more likely to occur or makes it worse.
What is an insured loss?
Insured Loss means damage or destruction to improvements on the Premises which was caused by an event required to be covered by the insurance described in Paragraph 8.3(a), irrespective of any deductible amounts or coverage limits involved.
Are contractors insured?
In California, if a contractor has employees, he/she is required to carry workers' compensation insurance. ... If a worker is injured working on your property and the contractor doesn't have insurance, you could be financially liable to pay for injuries and rehabilitation.
What is bonded insured?
That means they have a business license, have the proper insurance and have made payments to a surety company for protection by a bond. The insurance company or surety company will be responsible for covering any financial losses.
What is the difference between insured and bonded?
Being bonded means you have purchased a surety bond that offers limited guarantees to clients. Being insured means that you have an insurance policy that protects against accidents and liabilities, often with greater limits than bonds.
What are the 3 main types of insurance?
- Life insurance. As the name suggests, life insurance is insurance on your life. ...
- Health insurance. Health insurance is bought to cover medical costs for expensive treatments. ...
- Car insurance. ...
- Education Insurance. ...
- Home insurance.
What are the basics of insurance?
The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.
What is the opposite of insured?
Opposite of covered by an insurance policy. insecure.
What is the opposite of insurance?
Antonyms & Near Antonyms for insurance. hazard, risk, threat.
How do you use insure and Ensure?
Despite sounding alike, the words are not interchangeable. "To assure" means to promise or say with confidence. "To ensure" means to make certain. "To insure" means to protect against risk by regularly paying an insurance company.
Can anything be insured?
Any event dependent on the health of an individual – from celebrity appearances to Papal visits or major sporting events – can be insured.
What risks are uninsurable?
An uninsurable risk is a risk that insurance companies cannot insure (or are reluctant to insure) no matter how much you pay. Common uninsurable risks include: reputational risk, regulatory risk, trade secret risk, political risk, and pandemic risk.