What does Insured mean? Read on to discover the definition & meaning of the term Insured - to help you better understand the language used in insurance policies.
An insured is a party who is insured against specific perils by either being the holder of an insurance policy or by otherwise being covered. People, businesses, and other organizations commonly purchase insurance policies in order to become insureds. Being an insured enables the same party to receive financial compensation from an insurer if the former incurs a covered loss.
We hope the you have a better understanding of the meaning of Insured.